Société d’Investissement Morgan Stanley à Capital …...Morgan Stanley Investment Funds Société d’Investissement à Capital Variable incorporated under the laws of Luxembourg

Morgan Stanley Investment Funds

Société d’Investissement à Capital Variable incorporated under the laws of Luxembourg

Semi-Annual ReportJune 30, 2013

INVESTMENT MANAGEMENT

R.C.S. Luxembourg: B-29.192

UCITS DO NOT HAVE A GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS

Morgan Stanley Investment Funds 30 June 2013

1 Shareholders’ information

STATEMENT OF INVESTMENTS

Equity Funds

2 Asian Equity Fund

5 Asia-Pacific Equity Fund

8 Asian Property Fund

10 Emerging Europe, Middle East and Africa Equity Fund

12 Emerging Leaders Equity Fund

14 Emerging Markets Equity Fund

17 European Equity Alpha Fund

19 European Property Fund

21 Eurozone Equity Alpha Fund

23 Frontier Emerging Markets Equity Fund

25 Global Advantage Fund

27 Global Brands Fund

29 Global Equity Allocation Fund

36 Global Infrastructure Fund

38 Global Opportunity Fund

40 Global Property Fund

43 Indian Equity Fund

45 Japanese Equity Fund

47 Latin American Equity Fund

49 US Advantage Fund

51 US Growth Fund

53 US Property Fund

Bond Funds

55 Emerging Markets Corporate Debt Fund

59 Emerging Markets Debt Fund

63 Emerging Markets Domestic Debt Fund

66 Euro Bond Fund

71 Euro Corporate Bond (ex Financials) Fund

75 Euro Corporate Bond Fund

81 Euro Strategic Bond Fund

89 European Currencies High Yield Bond Fund

94 Global Bond Fund

103 Global Convertible Bond Fund

107 Global Credit Fund

112 Global Fixed Income Opportunities Fund

121 Global High Yield Bond Fund

126 Global Mortgage Securities Fund

130 Global Premier Credit Fund

133 Short Maturity Euro Bond Fund

Liquidity Funds

137 Euro Liquidity Fund

139 US Dollar Liquidity Fund

Asset Allocation Funds

141 Diversified Alpha Plus Fund

149 Global Balanced Risk Control Fund of Funds

STATEMENTS AND NOTES

151 Statement of assets and liabilities

165 Statement of changes in number of shares

172 Statement of operations and changes in net assets

183 Statement of share and net assets statistics

192 Notes to the financial statements

OTHER INFORMATION

202 Directors and service providers

204 Paying and information agents

205 Appendix 1: Fund expense ratios

208 Appendix 2: Portfolio turnover rate (unaudited)

209 Appendix 3: Sub-Advisers

210 Appendix 4: Hedged Share Classes

Table of contents

1 Morgan Stanley Investment Funds 30 June 2013

The annual general meeting of shareholders of the Company is held at the registered office of the Company and will be held on the second Tuesday of the month of May at 10.30 am, or if such day is not a bank business day on the following bank business day.

Notices of all general meetings are sent by mail to all registered shareholders at their registered address at least 8 days prior to the meeting. Such notices will indicate the time and place of the meeting as well as the conditions of admission thereto. Said notices will also contain the agenda and requirements of Luxembourg law with regard to the necessary quorum and majorities at the meeting. To the extent required by law, further notices will be published in the Mémorial and in one Luxembourg newspaper.

Audited financial statements in respect of the preceding financial period are made available at the registered office of the Company and are available to shareholders upon request. In addition, unaudited semi-annual reports are also made available at the registered office.

The annual and semi-annual reports are also available on the Company’s web-site (http://morganstanleyinvestmentfunds.com).

The Company’s financial year end is 31 December.

Any other notices relevant to the Company are also published in a Luxembourg newspaper or mailed to affected shareholders.

The net asset value per share of each Class of Share is available on each dealing day during Luxembourg business hours at the registered office of the Company. Net asset value per share information is also available from market information providers, such as Bloomberg and Morningstar, as well as being available at www.morganstanleyinvestmentfunds.com.

No subscriptions can be received on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current prospectus and the latest Key Investor Information Document if applicable, the latest annual report and the most recent semi-annual report, if published thereafter.

Morgan Stanley & Co. International plc, London, Zurich Branch, Bahnhofstrasse 92, 8001 Zurich, is the representative in Switzerland and RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Badenerstrasse 567, 8048 Zurich, is the paying agent in Switzerland. The Prospectus, the latest Key Investor Information Document, the Articles and the annual and semi-annual reports of the Company may be obtained free of charge from the representative in Switzerland.

A list of purchases and sales (securities transactions) carried out by the Company during the reporting period may be obtained free of charge from the representative in Switzerland.

The investment aims set out in this annual report are summaries only. The complete investment objectives and policies for each Fund are set out in the Company’s current prospectus.

Shareholders’ information

Morgan Stanley Investment Funds 30 June 2013 2

Please refer to the full prospectus for the Fund’s investment objective and policy.

Asian Equity Fund

Equities

ChinaTencent Holdings (Cayman Islands) (2) 128,300 4,995,323 2.96Bank of China ‘H’ 11,944,000 4,876,460 2.89AIA Group (Hong Kong) (2) 1,112,000 4,674,025 2.77China Construction Bank ‘H’ 5,742,400 4,034,240 2.39China Pacific Insurance Group ‘H’ 1,146,400 3,630,319 2.15China Mobile (Hong Kong) (2) 226,000 2,349,103 1.39Qihoo 360 Technology ADR (Cayman Islands) (2) 41,428 1,924,331 1.14China Mengniu Dairy (Cayman Islands) (2) 514,000 1,834,482 1.09China Petroleum & Chemical ‘H’ (1) 2,241,199 1,565,915 0.93Beijing Enterprises Holdings (Hong Kong) (1) (2) 212,000 1,524,787 0.90Uni-President China Holdings (Cayman Islands) (1) (2) 1,486,000 1,505,325 0.89China Oilfield Services ‘H’ 756,000 1,466,368 0.87China Overseas Land & Investment (Hong Kong) (1) (2) 506,000 1,313,720 0.78Sino Biopharmaceutical (Cayman Islands) (2) 1,548,000 997,946 0.59Tsingtao Brewery ‘H’ (1) 126,000 896,741 0.54China Overseas Grand Oceans Group (Hong Kong) (1) (2) 604,000 764,285 0.45Chongqing Changan Automobile ‘B’ 394,576 467,908 0.28Sihuan Pharmaceutical Holdings Group (Bermuda) (2) 300,000 196,599 0.12Shanghai Pharmaceuticals Holding ‘H’ (1) 87,500 163,446 0.10China Shenhua Energy ‘H’ 58,100 148,062 0.09

Total for China 23.32

South KoreaSamsung Electronics 10,408 12,129,548 7.19Hyundai Motor 23,235 4,551,765 2.70Nexon (Japan) (2) 292,600 3,219,661 1.91Hyundai Engineering & Construction 62,908 3,056,711 1.80Samsung Electronics Pfd 2,911 2,238,092 1.33Hyundai Glovis 11,780 1,985,721 1.18LG Uplus 171,470 1,788,170 1.06SK Telecom 6,194 1,134,203 0.67Orion (1) 1,367 1,134,071 0.67Woongjin Coway 21,251 1,031,821 0.61Samsung Fire & Marine Insurance 4,661 945,245 0.56Hotel Shilla 15,598 826,631 0.49Paradise (1) 38,490 773,024 0.46Cheil Worldwide 26,875 574,362 0.34GS Retail 17,050 434,480 0.26SK C&C 4,506 391,273 0.23Cosmax 1,948 77,242 0.05NCSoft 528 74,317 0.04Cheil Industries 852 66,349 0.04Shinhan Financial Group 1,863 61,104 0.04LG Household & Health Care (1) 92 44,699 0.03KT 1,420 44,312 0.03LG Display 760 18,059 0.01

Total for South Korea 21.70

TaiwanTaiwan Semiconductor Manufacturing 1,942,362 7,153,957 4.24Uni-President Enterprises 2,543,020 4,941,299 2.93Asustek Computer 177,355 1,517,436 0.90Siliconware Precision Industries 764,000 956,638 0.57Hon Hai Precision Industry 374,505 920,575 0.55Cleanaway 116,000 883,083 0.52Synnex Technology International 585,000 760,911 0.45

INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, through investment primarily in the equity securities of companies domiciled in or exercising the predominant part of their economic activity in Asia, excluding Japan, thereby taking advantage of the dynamic economic growth capabilities of the region.


Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market. As at 30 June 2013, expressed in US dollars.

Investments HoldingsMarket

value% of net

assets


Asian Equity Fund

STATEMENT OF INVESTMENTS (continued)



value% of net

assets


value% of net

assets

Taiwan Cement 584,000 716,137 0.42MediaTek 59,928 692,777 0.41Chailease Holding (Cayman Islands) (2) 172,425 404,523 0.24Ginko International (Cayman Islands) (2) 24,000 403,094 0.24CHC Healthcare Group 76,000 200,911 0.12China Life Insurance 194,294 190,778 0.11Taiwan Fertilizer 34,000 81,815 0.05Wowprime 2,200 29,532 0.02TPK Holding (Cayman Islands) (2) 1,000 15,916 0.01

Total for Taiwan 11.78

ThailandBangkok Bank Public ‘NVDR’ (1) 415,000 2,711,049 1.61Bank of Ayudhya (Foreign) 1,753,300 1,978,158 1.18Land & Houses ‘NVDR’ 4,308,900 1,558,303 0.92Supalai (Foreign) (1) 2,712,600 1,540,854 0.92Thai Union Frozen Products (Foreign) (1) 768,900 1,437,369 0.85Minor International (Foreign) (1) 1,660,100 1,321,261 0.78Banpu (Foreign) Regd 147,821 1,143,288 0.68Advanced Info Service ‘NVDR’ 120,100 1,085,863 0.64Total Access Communication ‘NVDR’ 294,749 1,085,564 0.64Total Access Communication (Foreign) 100,351 380,020 0.23Robinson Department Store ‘NVDR’ 47,200 91,410 0.05Supalai ‘NVDR’ 157,100 88,881 0.05Thai Union Frozen Products ‘NVDR’ 4,200 7,838 0.00

Total for Thailand 8.55

IndonesiaPT Bank Tabungan Negara Persero 20,907,660 2,408,964 1.43PT Indosat 4,244,500 2,236,993 1.32PT Gudang Garam 277,500 1,409,430 0.84PT Matahari Department Store 1,031,500 1,201,807 0.71PT Semen Indonesia Persero 608,000 1,041,719 0.61PT Nippon Indosari Corpindo 1,265,500 997,694 0.59Electronic City Indonesia 2,263,000 923,441 0.55Indofood Agri Resources (Singapore) (1) (2) 1,097,000 842,088 0.50PT Harum Energy 1,746,000 528,626 0.31PT Adaro Energy 6,068,000 522,769 0.31PT Lippo Karawaci 3,094,500 472,022 0.28PT Bank Rakyat Indonesia Persero 238,500 185,398 0.11PT Kalbe Farma 571,000 82,723 0.05PT Tempo Scan Pacific 184,500 76,627 0.05PT Ace Hardware Indonesia 804,000 59,876 0.04

Total for Indonesia 7.70

Hong Kong Wharf Holdings (1) 547,323 4,554,865 2.70Hutchison Whampoa (1) 279,000 2,930,600 1.74Samsonite International (Luxembourg) (2) 632,700 1,509,256 0.89Hongkong Land Holdings (Bermuda) (2) 188,000 1,287,982 0.77BOC Hong Kong Holdings (1) 282,500 862,873 0.51HKT Trust 895,000 857,337 0.51Cheung Kong Holdings 54,000 727,314 0.43Lifestyle International Holdings (Cayman Islands) (2) 34,100 71,085 0.04Kerry Properties (Bermuda) (2) 16,070 62,499 0.04Hong Kong Exchanges & Clearing (1) 3,400 51,002 0.03

Total for Hong Kong 7.66

MalaysiaUEM Sunrise 1,888,500 1,852,168 1.10IHH Healthcare 1,283,600 1,603,783 0.95Astro Malaysia Holdings 1,622,500 1,555,450 0.92IJM 857,600 1,529,148 0.91Gamuda 754,500 1,129,355 0.67CIMB Group Holdings 430,100 1,121,568 0.66Mah Sing Group 1,114,665 1,022,151 0.61

Total for Malaysia 5.82

PhilippinesBDO Unibank 1,287,060 2,519,308 1.49Metro Pacific Investments 13,189,200 1,601,709 0.95Ayala 116,768 1,558,266 0.92Rizal Commercial Banking 568,270 755,115 0.45LT Group 1,420,800 739,756 0.44DMCI Holdings 536,450 639,005 0.38International Container Terminal Services 131,590 263,408 0.16STI Education Systems Holdings 10,186,000 186,038 0.11Bloomberry Resorts 397,900 82,519 0.05

Total for Philippines 4.95

SingaporeDBS Group Holdings (1) 170,500 2,074,047 1.23Vard Holdings 1,688,000 1,441,491 0.85Singapore Telecommunications 414,000 1,229,147 0.73Oversea-Chinese Banking (1) 141,300 1,108,666 0.66Keppel 114,900 941,175 0.56CapitaLand 59,000 142,427 0.08

Total for Singapore 4.11

LaosKolao Holdings (Cayman Islands) (1) (2) 109,052 2,801,244 1.66

Total for Laos 1.66

United States of AmericaEclat Textile (Taiwan) (2) 75,000 550,216 0.32

Total for United States of America 0.32

Total for Equities 97.57

Mutual Fund

Morgan Stanley Liquidity Funds - US Dollar Liquidity Fund (Luxembourg) (2) (4) 1,412,532 1,412,532 0.84

Total for Mutual Fund 0.84

Total Investment Securities 165,994,167 98.41

Equities (continued)


Taiwan (continued)


Asian Equity Fund

DERIVATIVES

Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2013, expressed in US dollars.

Forward Foreign Currency Exchange Contracts

Maturity date

Amount bought Ccy

Amount sold Ccy Counterparty

Unrealised gain/(loss)

USD% of net

assets

11/07/2013 2,564,131 USD 251,489,700 JPY State Street 25,731 0.02

Net Unrealised Gain on Forward Foreign Currency Exchange Contracts 25,731 0.02

Total Derivatives 25,731 0.02

Other Assets less Liabilities 2,663,838 1.57

Total Net Asset Value 168,683,736 100.00

(1) All or part of this position is out on loan.(2) The country in brackets represents the country of incorporation of this security.(4) Managed by an affiliate of the Investment Adviser.



Asia-Pacific Equity Fund

Equities

China Bank of China ‘H’ 6,425,000 2,623,179 2.45Tencent Holdings (Cayman Islands) (1) (2) 57,300 2,230,959 2.07China Mobile (Hong Kong) (2) 183,500 1,907,347 1.78China Construction Bank ‘H’ 2,704,000 1,899,656 1.77AIA Group (Hong Kong) (2) 405,800 1,705,683 1.58China Pacific Insurance Group ‘H’ 511,600 1,620,090 1.51China Mengniu Dairy (Cayman Islands) (2) 253,000 902,965 0.84Qihoo 360 Technology ADR (Cayman Islands) (2) 19,089 886,684 0.82China Oilfield Services ‘H’ 374,000 725,425 0.67China Overseas Land & Investment (Hong Kong) (1) (2) 278,000 721,767 0.67Uni-President China Holdings (Cayman Islands) (1) (2) 635,000 643,258 0.60Beijing Enterprises Holdings (Hong Kong) (1) (2) 85,500 614,949 0.57Sino Biopharmaceutical (Cayman Islands) (2) 908,000 585,359 0.54Tsingtao Brewery ‘H’ (1) 80,000 569,359 0.53China Petroleum & Chemical ‘H’ 668,200 466,868 0.43Belle International Holdings (Cayman Islands) (1) (2) 242,000 332,038 0.31Shanghai Pharmaceuticals Holding ‘H’ (1) 144,700 270,293 0.25China Overseas Grand Oceans Group (Hong Kong) (2) 210,000 265,728 0.25Sihuan Pharmaceutical Holdings Group (Bermuda) (2) 315,000 206,429 0.19Chongqing Changan Automobile ‘B’ 111,300 131,985 0.12China Shenhua Energy ‘H’ 31,000 79,000 0.07


AustraliaNational Australia Bank (1) 114,857 3,100,701 2.87Westpac Banking (1) 103,240 2,708,680 2.52Santos 178,358 2,037,012 1.89Brambles 227,378 1,936,708 1.80Treasury Wine Estates 329,448 1,751,990 1.63Computershare (1) 151,508 1,416,761 1.32Lend Lease Group (1) 184,804 1,405,330 1.31AMP 302,011 1,169,132 1.09Seek (1) 120,350 994,573 0.92Suncorp Group (1) 85,623 927,243 0.86

Total for Australia 16.21

South KoreaSamsung Electronics 4,466 5,204,704 4.84Hyundai Motor 7,296 1,429,295 1.33Nexon (Japan) (2) 123,500 1,358,948 1.26Hyundai Engineering & Construction 19,632 953,922 0.89LG Uplus 81,910 854,196 0.79Hyundai Glovis 5,036 848,904 0.79Woongjin Coway 15,756 765,017 0.71NCSoft 4,675 658,016 0.61SK Telecom 3,535 647,305 0.60Cheil Worldwide 24,370 520,826 0.48Hotel Shilla 9,126 483,641 0.45Orion 571 473,705 0.44GS Retail 16,920 431,168 0.40Samsung Electronics Pfd 496 381,344 0.35Paradise 18,505 371,650 0.35KT 9,380 292,711 0.27Cheil Industries 3,642 283,618 0.26Shinhan Financial Group 7,820 256,487 0.24LG Household & Health Care 349 169,565 0.16LG Display 5,690 135,202 0.13

INVESTMENT AIM

To seek long term capital appreciation, measured in US dollars, through investment primarily in the equity securities of companies domiciled in or exercising the predominant part of their economic activity in the Asia-Pacific region, excluding Japan, thereby taking advantage of the dynamic economic growth capabilities of the region.




value% of net

assets






value% of net

assets


value% of net

assets

PT Gudang Garam 121,000 614,562 0.57PT Matahari Department Store 524,000 610,516 0.56Electronic City Indonesia 1,397,500 570,264 0.54PT Kalbe Farma 3,328,500 482,215 0.45PT Tempo Scan Pacific 1,116,500 463,709 0.43PT Nippon Indosari Corpindo 550,000 433,609 0.40PT Ace Hardware Indonesia 5,040,000 375,345 0.35PT Semen Indonesia Persero 218,500 374,368 0.35PT Lippo Karawaci 2,090,500 318,876 0.30Indofood Agri Resources (Singapore) (1) (2) 327,000 251,014 0.23PT Harum Energy 803,500 243,271 0.23PT Adaro Energy 1,754,000 151,110 0.14PT Bank Rakyat Indonesia Persero 156,000 121,267 0.11


ThailandBangkok Bank Public ‘NVDR’ (1) 148,100 967,485 0.90Bank of Ayudhya (Foreign) 853,200 962,621 0.89Minor International (Foreign) 1,196,100 951,967 0.88Thai Union Frozen Products (Foreign) (1) 488,300 912,820 0.85Total Access Communication ‘NVDR’ 221,000 813,946 0.76Land & Houses ‘NVDR’ 1,310,500 473,939 0.44Supalai (Foreign) 777,100 441,421 0.41Banpu (Foreign) Regd 54,450 421,131 0.39Advanced Info Service ‘NVDR’ 36,900 333,625 0.31Total Access Communication (Foreign) 16,500 62,484 0.06Supalai ‘NVDR’ 90,600 51,258 0.05Robinson Department Store ‘NVDR’ 18,400 35,635 0.03


PhilippinesBDO Unibank 523,560 1,024,823 0.95Metro Pacific Investments 7,282,300 884,370 0.82Ayala 58,588 781,855 0.73DMCI Holdings 570,480 679,541 0.63International Container Terminal Services 316,020 632,589 0.59Rizal Commercial Banking 341,940 454,369 0.42LT Group 842,200 438,501 0.41STI Education Systems Holdings 16,424,000 299,970 0.28Bloomberry Resorts 430,800 89,342 0.08


MalaysiaUEM Sunrise 734,500 720,369 0.67CIMB Group Holdings 271,900 709,031 0.66Gamuda 419,500 627,918 0.58Astro Malaysia Holdings 628,200 602,240 0.56IHH Healthcare 458,800 573,244 0.53Mah Sing Group 518,265 475,251 0.44IJM 258,900 461,633 0.43


SingaporeDBS Group Holdings 101,000 1,228,614 1.15Singapore Telecommunications 330,000 979,755 0.91Vard Holdings 445,000 380,014 0.35Oversea-Chinese Banking (1) 26,000 204,001 0.19CapitaLand 41,000 98,975 0.09


LaosKolao Holdings (Cayman Islands) (2) 48,513 1,246,165 1.16

Total for Laos 1.16

SK C&C 618 53,663 0.05Cosmax 1,093 43,340 0.04Samsung Fire & Marine Insurance 203 41,168 0.04


TaiwanTaiwan Semiconductor Manufacturing 666,000 2,452,959 2.28Uni-President Enterprises 1,121,767 2,179,687 2.03Chailease Holding (Cayman Islands) (2) 409,000 959,548 0.89MediaTek 70,524 815,268 0.76China Life Insurance 715,467 702,518 0.65Taiwan Cement 569,000 697,743 0.65Siliconware Precision Industries 454,000 568,473 0.53Cleanaway 57,000 433,929 0.40Asustek Computer 40,120 343,264 0.32Synnex Technology International 253,000 329,078 0.31Taiwan Fertilizer 134,000 322,449 0.30Hon Hai Precision Industry 122,310 300,651 0.28Wowprime 22,000 295,318 0.27Ginko International (Cayman Islands) (2) 13,000 218,342 0.20Lung Yen Life Service 59,000 191,951 0.18CHC Healthcare Group 46,000 121,604 0.11TPK Holding (Cayman Islands) (2) 4,000 63,664 0.06MStar Semiconductor (Cayman Islands) (2) 7,000 50,232 0.05China Steel 2,740 2,239 0.00


IndiaHDFC Bank ADR 36,515 1,322,573 1.23Glenmark Pharmaceuticals 78,722 724,482 0.67IndusInd Bank 88,340 691,740 0.64Tata Consultancy Services 26,399 672,708 0.63ITC GDR Regd 98,180 534,890 0.50Zee Entertainment Enterprises 133,692 527,474 0.49Larsen & Toubro 20,933 491,944 0.46Asian Paints 6,053 470,068 0.44ITC 83,658 455,660 0.42ACC 21,198 434,837 0.40HCL Technologies 27,371 356,613 0.33ING Vysya Bank (3) 33,436 346,003 0.32Tata Steel 49,203 224,325 0.21Idea Cellular 48,300 114,689 0.11

Total for India 6.85

Hong KongWharf Holdings 223,000 1,855,824 1.73Hutchison Whampoa 150,000 1,575,591 1.46Samsonite International (Luxembourg) (2) 443,400 1,057,696 0.99BOC Hong Kong Holdings (1) 314,500 960,614 0.89Hongkong Land Holdings (Bermuda) (2) 109,000 746,756 0.69Cheung Kong Holdings 28,000 377,126 0.35Hang Lung Properties 109,000 376,500 0.35Hong Kong Exchanges & Clearing (1) 24,500 367,512 0.34


IndonesiaPT Indosat 1,554,500 819,273 0.76PT Bank Tabungan Negara Persero 6,467,871 745,223 0.69


Indonesia (continued)


South Korea (continued)



United States of America Eclat Textile (Taiwan) (2) 41,000 300,784 0.27



Mutual Fund

Morgan Stanley Liquidity Funds - US Dollar Liquidity Fund (Luxembourg) (2) (4) 858,966 858,966 0.80



DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets


Unrealised Gain on Forward Foreign Currency Exchange Contracts 11,033 0.01

EUR Hedged Share Class05/07/2013 34,532 USD 26,491 EUR J.P. Morgan 14 0.00

Unrealised Gain on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts 14 0.00

Total Unrealised Gain on Forward Foreign Currency Exchange Contracts 11,047 0.01

EUR Hedged Share Class05/07/2013 1,399,474 EUR 1,831,970 USD J.P. Morgan (8,427) (0.01)

Total Unrealised Loss on Forward Foreign Currency Exchange Contracts (8,427) (0.01)



Other Assets less Liabilities 629,571 0.59


(1) All or part of this position is out on loan.(2) The country in brackets represents the country of incorporation of this security.(3) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial

Statements.(4) Managed by an affiliate of the Investment Adviser.




value% of net

assets Equities (continued)



Asian Property Fund

Equities

JapanMitsubishi Estate 1,743,000 46,257,229 10.04 Mitsui Fudosan 1,460,000 42,770,288 9.27 Sumitomo Realty & Development 1,026,000 40,784,724 8.84 Nippon Building Fund 718 8,272,657 1.79 Japan Real Estate Investment 655 7,281,771 1.58 Nippon Prologis REIT 627 5,416,603 1.17 Activia Properties 507 3,976,540 0.86 GLP J-REIT 3,959 3,871,560 0.84 Tokyo Tatemono 453,000 3,755,894 0.81 Japan Retail Fund Investment 1,781 3,713,351 0.81 United Urban Investment 1,243 1,679,949 0.36 Nomura Real Estate Master Fund 1,130 1,122,301 0.24 Tokyu Land 110,000 1,005,590 0.22 Nippon Accommodations Fund 135 883,458 0.19 Nomura Real Estate Holdings 38,700 853,987 0.19 NTT Urban Development 627 767,475 0.17 Nomura Real Estate Office Fund 104 455,711 0.10

Total for Japan 37.48

Hong KongSun Hung Kai Properties 3,245,041 41,484,536 8.99 Hongkong Land Holdings (Bermuda) (2) 2,975,000 20,381,636 4.43 Wharf Holdings 2,014,122 16,761,683 3.63 Hysan Development 3,387,705 14,556,012 3.16 Link REIT 2,305,000 11,254,203 2.44 Kerry Properties (Bermuda) (2) 2,412,213 9,381,453 2.03 New World Development 5,532,773 7,568,431 1.64 Sino Land 4,088,614 5,699,997 1.24 Henderson Land Development 942,929 5,586,499 1.21 Hang Lung Properties 1,581,000 5,460,975 1.18 Swire Properties 1,813,250 5,327,667 1.16


AustraliaWestfield 2,106,686 22,015,245 4.77 Westfield Retail Trust 4,040,945 11,422,191 2.48 Goodman Group 2,342,451 10,403,225 2.26 GPT Group 2,289,466 8,027,441 1.74 Mirvac Group 4,660,859 6,815,483 1.48 Dexus Property 5,987,619 5,833,138 1.26 Stockland 1,647,430 5,227,369 1.13 Federation Centres 1,783,212 3,857,982 0.84 Commonwealth Property Office Fund 2,030,541 2,042,128 0.44 Investa Office Fund 637,239 1,692,013 0.37 CFS Retail Property Trust 751,356 1,372,470 0.30


Singapore CapitaLand 3,818,000 9,216,724 2.00 Global Logistic Properties 4,173,000 8,996,691 1.95 City Developments 522,000 4,386,504 0.95 CapitaMalls Asia 2,390,000 3,421,716 0.74 CapitaMall Trust 2,121,000 3,317,691 0.72 Suntec Real Estate Investment Trust 1,605,000 1,990,589 0.43 Keppel REIT 1,800,000 1,829,707 0.40 Ascendas Real Estate Investment Trust 1,036,000 1,818,358 0.39 UOL Group 291,000 1,539,316 0.33 Keppel Land 355,000 931,697 0.20 Mapletree Commercial Trust 762,000 708,065 0.15 CapitaCommercial Trust 552,000 634,304 0.14


INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, through investment in the equity securities of companies in the Asian and Oceanian real estate industry.




value% of net

assets


Asian Property Fund


China China Resources Land (Cayman Islands) (2) 2,539,000 6,881,923 1.49 China Overseas Land & Investment (Hong Kong) (2) 2,038,000 5,291,226 1.15 Guangzhou R&F Properties ‘H’ 2,728,800 3,903,911 0.85 Country Garden Holdings (Cayman Islands) (2) 6,426,433 3,335,940 0.72 Shimao Property Holdings (Cayman Islands) (2) 1,282,500 2,517,408 0.55 Agile Property Holdings (Cayman Islands) (2) 1,662,000 1,770,320 0.38


India Religare Health Trust (Singapore) (2) 2,046,000 1,366,658 0.30



Mutual Fund

Morgan Stanley Liquidity Funds - US Dollar Treasury Liquidity Fund (Luxembourg) (2) (4) 23,289 23,289 0.01


Total for transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 458,922,902 99.51

Other transferable securities and money market instruments not admitted to official exchange listing or dealt in on another regulated market.

Equities

MaltaBGP Holdings (Australia) (2) 33,894,130 0 0.00

Total for Malta 0.00


Total for other transferable securities and money market instruments not admitted to official exchange listing or dealt in on another regulated market 0 0.00




(2) The country in brackets represents the country of incorporation of this security.(4) Managed by an affiliate of the Investment Adviser.



value% of net




Equities

RussiaLukoil ADR 240,109 10,485,277 6.08Sberbank of Russia 3,578,960 7,714,718 4.48Eurasia Drilling GDR Regd (Cayman Islands) (2) 198,348 5,682,482 3.30MegaFon OJSC GDR Regd 236,327 5,611,590 3.26Yandex ‘A’ (Netherlands) (2) 250,900 5,258,654 3.05Mail.ru Group GDR Regd (British Virgin Islands) (2) 176,725 3,900,669 2.26Gazprom ADR 762,229 3,790,642 2.20NovaTek GDR Regd 30,262 2,756,771 1.60MMC Norilsk Nickel ADR 142,621 1,563,018 0.91

Total for Russia 27.14

South Africa Naspers ‘N’ 179,651 9,776,815 5.67Sasol 247,646 7,990,238 4.63Mondi (United Kingdom) (2) 561,515 5,342,925 3.10AVI 1,112,029 4,942,028 2.87SABMiller (United Kingdom) (2) 128,517 4,730,523 2.75Life Healthcare Group Holdings 1,266,878 3,585,503 2.08Pick n Pay Stores 1,096,352 3,299,491 1.91AngloGold Ashanti 302,283 3,110,721 1.81Impala Platinum Holdings 148,540 1,026,914 0.60

Total for South Africa 25.42

Turkey Turkiye Garanti Bankasi 1,929,419 6,269,786 3.64Ulker Biskuvi Sanayi 940,875 5,275,950 3.06Anadolu Efes Biracilik Ve Malt Sanayii 473,921 5,070,865 2.93Turkiye Sise ve Cam Fabrikalari 2,287,437 2,438,449 1.42Tupras Turkiye Petrol Rafinerileri 132,153 2,372,398 1.38Turkiye Vakiflar Bankasi 1,224,597 2,314,856 1.34Pegasus Hava Tasimaciligi 228,503 2,082,726 1.21Haci Omer Sabanci Holding 442,815 1,737,280 1.01

Total for Turkey 15.99

Poland LPP 3,502 5,257,141 3.04Jeronimo Martins SGPS (Portugal) (2) 283,967 4,561,930 2.65Bank Zachodni WBK 62,849 4,064,191 2.36Polskie Gornictwo Naftowe i Gazownictwo 2,288,078 2,990,809 1.74Alior Bank 134,669 2,758,208 1.60Integer.pl 42,546 2,584,831 1.50Telekomunikacja Polska 826,105 1,441,033 0.84

Total for Poland 13.73

United States of America EPAM Systems 214,443 4,481,380 2.60Luxoft Holding (British Virgin Islands) (2) 131,900 2,098,439 1.22


KenyaEast African Breweries 978,908 2,912,361 1.69Safaricom 46,293,783 2,709,088 1.57

Total for Kenya 3.26

INVESTMENT AIM

To seek long-term capital appreciation, measured in Euro, by investing primarily in equity securities of issuers in Central, Eastern and Southern Europe (including the Russian Federation), the Middle East and Africa.


Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market. As at 30 June 2013, expressed in Euro.


value% of net

assets

Emerging Europe, Middle East and Africa Equity Fund


Emerging Europe, Middle East and Africa Equity Fund




value% of net

assets

Hungary Richter Gedeon 45,354 5,180,250 3.01

Total for Hungary 3.01

Romania Fondul Proprietatea 31,319,653 4,350,970 2.53Banca Transilvania 1,643,781 453,764 0.26

Total for Romania 2.79

Austria Vienna Insurance Group 84,462 2,990,799 1.74

Total for Austria 1.74

Switzerland Coca-Cola 161,960 2,866,835 1.66

Total for Switzerland 1.66


Mutual Fund










Equities

IndiaAkzo Nobel India Equiy Wts exp. 10/10/2013 issued by Macquarie Bank (Australia) (2) 271,449 5,207,161 3.24ITC Equity linked note, issued by Merrill Lynch (Curacao) (2) 786,400 4,278,016 2.66Fortis Healthcare Equity linked note, issued by Macquarie Bank (Australia) (2) 2,034,538 2,949,063 1.83ITC Equity Wts exp. 04/08/2015 issued by Merrill Lynch International & Co. (Curacao) (2) 484,494 2,646,016 1.65Religare Health Trust (Singapore) (2) 3,948,000 2,637,129 1.64Bata India Equity linked note, issued by Merrill Lynch (Curacao) (2) 155,861 2,178,157 1.35Tata Global Beverages Equity Wts exp. 02/07/2015 issued by Merrill Lynch International & Co. (Curacao) (2) 878,198 1,987,362 1.24Agro-Tech Foods Equiy Wts exp. 01/04/2016 issued by Macquarie Bank (Australia) (2) 184,429 1,660,009 1.03


South Korea Hyundai Mobis 22,764 5,404,021 3.36Nexon (Japan) (2) 416,400 4,581,909 2.85Samsung Electronics 2,891 3,369,189 2.09GS Retail 102,820 2,620,133 1.63Samsung Electronics Pfd 2,036 1,565,357 0.97


United States of America Yum! Brands 167,134 11,547,288 7.17Mead Johnson Nutrition 40,492 3,178,622 1.98


South Africa SABMiller (United Kingdom) (2) 155,845 7,482,958 4.65Life Healthcare Group Holdings 859,950 3,171,292 1.97Shoprite Holdings 130,238 2,361,898 1.47


Thailand Bangkok Bank Public ‘NVDR’ 711,500 4,647,979 2.89Kasikornbank ‘NVDR’ 656,000 3,979,744 2.47Big C Supercenter ‘NVDR’ 463,200 2,749,180 1.71Big C Supercenter (Foreign) 169,100 1,012,104 0.63


Brazil Companhia de Bebidas das Americas ADR Pfd 132,800 4,860,480 3.02Fleury 436,900 3,590,448 2.23Raia Drogasil 270,100 2,606,824 1.62

Total for Brazil 6.87

United Kingdom British American Tobacco 135,534 7,021,159 4.36Diageo ADR 27,415 3,148,064 1.96

Total for United Kingdom 6.32

INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, through investment primarily in a concentrated portfolio of equity securities in emerging and frontier countries.




value% of net

assets

Emerging Leaders Equity Fund


Emerging Leaders Equity FundEmerging Leaders Equity Fund




value% of net

assets

Hong Kong Samsonite International (Luxembourg) (1) (2) 4,247,400 10,131,836 6.30


Switzerland Swatch Group ‘Bearer’ 8,384 4,567,716 2.84Coca-Cola 176,114 4,061,968 2.53


China Ajisen China Holdings (Cayman Islands) (1) (2) 5,717,000 4,468,567 2.77Tingyi Cayman Islands Holding (Cayman Islands) (2) 946,000 2,455,478 1.53


Indonesia PT Bank Rakyat Indonesia Persero 7,611,000 5,916,414 3.68


Turkey Anadolu Efes Biracilik Ve Malt Sanayii 235,263 3,280,027 2.04Turkiye Garanti Bankasi 380,190 1,609,810 1.00


Russia O’Key Group GDR Regd (Luxembourg) (2) 403,571 4,540,174 2.82


Peru Credicorp (Bermuda) (2) 30,800 3,912,832 2.44

Total for Peru 2.44

Poland Jeronimo Martins SGPS (Portugal) (2) 140,701 2,945,274 1.84


Chile SACI Falabella 231,406 2,526,913 1.58

Total for Chile 1.58

Mexico Grupo Financiero Santander Mexico ‘B’ ADR 178,000 2,449,280 1.52

Total for Mexico 1.52

Belgium Anheuser-Busch InBev 18,011 1,609,471 0.99

Total for Belgium 0.99


Mutual Fund




DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

01/07/2013 2,635,528 ZAR 261,344 USD UBS 1,835 0.00







Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (216,435) (0.14)

Total Derivatives (216,435) (0.14)

Other Assets less Liabilities (3,457,103) (2.14)





value% of net

assets



Emerging Markets Equity Fund

Equities

South KoreaSamsung Electronics 48,101 56,057,203 4.37Hyundai Motor 101,069 19,799,543 1.54Samsung Electronics Pfd 13,849 10,647,658 0.83Nexon (Japan) (1) (2) 930,300 10,236,672 0.80Hyundai Engineering & Construction 191,363 9,298,362 0.73Woongjin Coway 160,050 7,771,068 0.61Hyundai Glovis (1) 36,742 6,193,494 0.48NCSoft (1) 40,995 5,770,133 0.45LG Household & Health Care (1) 11,386 5,532,002 0.43Shinhan Financial Group 159,506 5,231,613 0.41LG Uplus 491,980 5,130,600 0.40Hotel Shilla 81,964 4,343,761 0.34Cheil Industries (1) 53,955 4,201,699 0.33SK Telecom 19,637 3,595,794 0.28Orion (1) 3,839 3,184,857 0.25GS Retail (1) 121,100 3,085,958 0.24SK C&C 34,182 2,968,152 0.23LG Display (1) 105,220 2,500,167 0.20Cheil Worldwide 116,883 2,497,980 0.19Paradise (1) 114,462 2,298,828 0.18Samsung Fire & Marine Insurance 10,714 2,172,786 0.17Cosmax (1) 52,357 2,076,053 0.16KT 52,700 1,644,548 0.13


China Bank of China ‘H’ 52,069,000 21,258,571 1.66Tencent Holdings (Cayman Islands) (1) (2) 464,900 18,100,746 1.41China Mobile (Hong Kong) (2) 1,304,000 13,554,116 1.06China Pacific Insurance Group ‘H’ (1) 4,094,800 12,967,052 1.01China Construction Bank ‘H’ 18,224,910 12,803,646 1.00China Mengniu Dairy (Cayman Islands) (2) 2,223,000 7,933,954 0.62Tsingtao Brewery ‘H’ (1) 956,000 6,803,845 0.53Qihoo 360 Technology ADR (Cayman Islands) (2) 143,939 6,685,967 0.52China Oilfield Services ‘H’ (1) 3,436,000 6,664,602 0.52China Overseas Land & Investment (Hong Kong) (1) (2) 2,222,000 5,768,942 0.45Sino Biopharmaceutical (Cayman Islands) (1) (2) 7,944,000 5,121,243 0.40Uni-President China Holdings (Cayman Islands) (1) (2) 4,934,000 4,998,165 0.39China Petroleum & Chemical ‘H’ (1) 6,923,600 4,837,485 0.38Beijing Enterprises Holdings (Hong Kong) (1) (2) 593,000 4,265,088 0.33Shanghai Pharmaceuticals Holding ‘H’ (1) 1,625,600 3,036,542 0.24Belle International Holdings (Cayman Islands) (1) (2) 1,613,000 2,213,128 0.17China Overseas Grand Oceans Group (Hong Kong) (1) (2) 1,630,000 2,062,558 0.16Sihuan Pharmaceutical Holdings Group (Bermuda) (1) (2) 3,025,000 1,982,370 0.15Chongqing Changan Automobile ‘B’ 1,138,602 1,350,210 0.11China Shenhua Energy ‘H’ 197,000 502,035 0.04


India HDFC Bank 1,276,549 14,348,129 1.11ITC 2,257,029 12,293,353 0.96Tata Consultancy Services 407,102 10,373,912 0.81IndusInd Bank 1,182,489 9,259,392 0.72Glenmark Pharmaceuticals 915,754 8,427,725 0.66Sun Pharmaceutical Industries 451,949 7,657,376 0.59Asian Paints 90,877 7,057,394 0.55Zee Entertainment Enterprises 1,777,644 7,013,596 0.55ACC 316,445 6,491,273 0.50HCL Technologies 458,782 5,977,411 0.47Larsen & Toubro 223,066 5,242,253 0.41Reliance Industries 332,636 4,805,844 0.38




value% of net

assets

INVESTMENT AIM

To seek to maximise total return, measured in US dollars, through investment primarily in securities located in and or deriving a significant portion of earnings from emerging countries.





value% of net

assets

ING Vysya Bank (3) 419,018 4,336,092 0.34Tata Steel 838,068 3,820,893 0.30Idea Cellular 1,008,318 2,394,269 0.19


Brazil BRF 1,127,056 24,130,220 1.87Banco Bradesco Pfd 1,080,090 13,666,128 1.07Companhia de Bebidas das Americas ADR Pfd 298,500 10,925,100 0.84Companhia de Concessoes Rodoviarias 1,127,000 8,947,740 0.70Ultrapar Participacoes 342,720 8,158,387 0.64Petroleo Brasileiro Pfd 1,002,032 7,289,225 0.57Raia Drogasil 538,300 5,195,311 0.41Petroleo Brasileiro ADR 380,700 5,082,345 0.40Petroleo Brasileiro 537,697 3,563,547 0.28Companhia de Bebidas das Americas Pfd 93,029 3,399,973 0.27PDG Realty - Empreendimentos e Participacoes 2,420,100 2,316,145 0.18Petroleo Brasileiro ADR Pfd 9,362 136,872 0.01


Thailand Bank of Ayudhya (Foreign) 15,020,100 16,946,403 1.32Bangkok Bank Public ‘NVDR’ (1) 2,354,600 15,381,774 1.21Advanced Info Service ‘NVDR’ 1,316,700 11,904,711 0.93Land & Houses ‘NVDR’ (1) 27,379,800 9,901,836 0.77Total Access Communication (Foreign) (1) 2,279,900 8,633,768 0.67Banpu (Foreign) Regd (1) 949,500 7,343,694 0.57Supalai (Foreign) (1) 10,473,200 5,949,154 0.46Robinson Department Store (Foreign) (1) 2,988,900 5,851,184 0.46Minor International (Foreign) (1) 5,632,100 4,482,544 0.35Robinson Department Store ‘NVDR’ 504,600 977,240 0.08Supalai ‘NVDR’ 878,600 497,077 0.04


Taiwan Taiwan Semiconductor Manufacturing 8,748,673 32,222,432 2.52Uni-President Enterprises 5,760,338 11,192,816 0.87Chailease Holding (Cayman Islands) (2) 3,679,000 8,631,236 0.67MediaTek 472,626 5,463,630 0.43China Life Insurance 4,953,291 4,863,644 0.38Taiwan Cement 3,646,000 4,470,953 0.35Siliconware Precision Industries 3,497,000 4,378,748 0.34Cleanaway 414,000 3,151,692 0.25Asustek Computer 334,026 2,857,902 0.22Hon Hai Precision Industry 911,064 2,239,496 0.17Lung Yen Life Service 675,000 2,196,056 0.17Synnex Technology International 1,480,000 1,925,040 0.15TPK Holding (Cayman Islands) (2) 79,000 1,257,363 0.10Gourmet Master (Cayman Islands) (2) 146,000 840,410 0.07CHC Healthcare Group 247,000 652,960 0.05MStar Semiconductor (Cayman Islands) (2) 76,000 545,376 0.04


Mexico Cemex ADR ‘CPO’ ‘A&B’ 1,252,984 13,081,153 1.02Fomento Economico Mexicano ADR 129,400 12,910,238 1.01Wal-Mart de Mexico ‘V’ 4,379,100 12,009,449 0.94Grupo Financiero Santander Mexico ‘B’ ADR 863,400 11,880,384 0.93Alfa ‘A’ 4,457,900 10,417,261 0.81

Mexichem 1,701,208 6,942,327 0.54Grupo Financiero Banorte ‘O’ 780,600 4,545,077 0.35


Indonesia PT Lippo Karawaci 65,662,500 10,015,876 0.78PT Indosat 18,848,500 9,933,788 0.78PT Gudang Garam 1,671,000 8,487,053 0.66PT Kalbe Farma 56,754,500 8,222,277 0.64PT Matahari Department Store 6,437,000 7,499,789 0.59PT Semen Indonesia Persero 3,597,000 6,162,930 0.48PT Bank Rakyat Indonesia Persero 7,487,000 5,820,022 0.45PT Bank Tabungan Negara Persero 43,345,887 4,994,279 0.39PT Adaro Energy 35,410,000 3,050,633 0.24PT Harum Energy 9,405,000 2,847,498 0.22


Philippines BDO Unibank 6,332,060 12,394,457 0.97Metro Pacific Investments 91,928,700 11,163,911 0.87DMCI Holdings 7,177,970 8,550,214 0.67SM Investments 339,795 8,387,776 0.65International Container Terminal Services 3,941,940 7,890,723 0.62Philippine Long Distance Telephone 111,280 7,578,480 0.59LT Group 8,657,800 4,507,784 0.35Bloomberry Resorts 16,872,700 3,499,170 0.27


Poland Jeronimo Martins SGPS (Portugal) (1) (2) 779,249 16,311,906 1.27Bank Zachodni WBK 161,867 13,638,978 1.06Polskie Gornictwo Naftowe i Gazownictwo 5,334,280 9,085,343 0.71Bank Pekao (1) 158,095 6,992,417 0.55Telekomunikacja Polska (1) 2,330,340 5,296,704 0.41


South Africa Naspers ‘N’ (1) 165,304 11,721,923 0.91SABMiller (United Kingdom) (2) 223,554 10,722,073 0.84Mondi (United Kingdom) (2) 695,544 8,623,629 0.67Sasol 199,800 8,399,852 0.66Life Healthcare Group Holdings (1) 1,347,300 4,968,524 0.39Pick n Pay Stores (1) 1,144,824 4,489,349 0.35AngloGold Ashanti (1) 147,295 1,975,073 0.15AngloGold Ashanti ADR 24,760 333,765 0.03


Russia Lukoil ADR 274,163 15,599,885 1.21Yandex ‘A’ (Netherlands) (2) 331,400 9,050,534 0.71MegaFon OJSC GDR Regd 248,525 7,689,364 0.60Eurasia Drilling GDR Regd (Cayman Islands) (2) 152,828 5,705,069 0.45Mail.ru Group GDR Regd (British Virgin Islands) (2) 181,544 5,221,205 0.41Gazprom ADR 519,792 3,368,252 0.26MMC Norilsk Nickel ADR 221,512 3,163,191 0.25


Malaysia CIMB Group Holdings 4,698,400 12,251,972 0.96IJM 5,250,500 9,361,933 0.73Gamuda 6,036,000 9,034,841 0.70Astro Malaysia Holdings 7,702,700 7,384,385 0.58IHH Healthcare 5,063,000 6,325,922 0.49



value% of net


Mexico (continued)


India (continued)




value% of net

assets STATEMENT OF INVESTMENTS (continued)



value% of net

assets

Turkey Turkiye Garanti Bankasi 3,359,732 14,225,861 1.12Anadolu Efes Biracilik Ve Malt Sanayii 914,184 12,745,517 0.99Haci Omer Sabanci Holding 1,536,337 7,853,835 0.61Tupras Turkiye Petrol Rafinerileri 236,031 5,521,122 0.43


Chile SACI Falabella 1,018,139 11,117,898 0.87Sociedad Quimica y Minera de Chile ADR 179,500 7,201,540 0.56Empresa Nacional de Electricidad 3,214,417 4,667,466 0.36


Switzerland Swatch Group ‘Bearer’ (1) 19,043 10,374,882 0.81Coca-Cola 422,108 9,735,678 0.76


United States of America Yum! Brands 201,101 13,894,068 1.09Eclat Textile (Taiwan) (2) 300,000 2,200,862 0.17



Total for Peru 1.14

Hong Kong Samsonite International (Luxembourg) (2) 5,200,200 12,404,665 0.97


Colombia Grupo de Inversiones Suramericana Pfd 238,900 4,569,423 0.36Cemex Latam Holdings (Spain) (2) 679,171 4,475,348 0.35Grupo de Inversiones Suramericana 170,730 3,138,380 0.25

Total for Colombia 0.96

Hungary Richter Gedeon 71,603 10,656,486 0.83


Panama Copa Holdings ‘A’ 66,100 8,741,064 0.68

Total for Panama 0.68

Austria Vienna Insurance Group 164,144 7,573,536 0.59


Qatar Industries Qatar 46,232 2,012,792 0.16

Total for Qatar 0.16


Mutual Fund

Morgan Stanley Growth Fund (India) (2) (4) 5,372,744 5,784,907 0.45Morgan Stanley Liquidity Funds - US Dollar Liquidity Fund (Luxembourg) (2) (4) 4,063,951 4,063,951 0.32


Total for transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 1,273,297,029 99.36

Other transferable securities and money market instruments not admitted to official exchange listing or dealt in on another regulated market. As at 30 June 2013, expressed in US dollars.

Equities

BrazilBanco Nacional Pfd 30,754,160 0 0.00Lojas Arapua Pfd 11,491,000 0 0.00


Total for Equities 0 0.00


Total Investment Securities 1,273,297,029 99.36

DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets





Total Net Asset Value 1,281,546,905 100.00

(1) All or part of this position is out on loan.(2) The country in brackets represents the country of incorporation of this security.(3) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial

Statements.(4) Managed by an affiliate of the Investment Adviser.






European Equity Alpha Fund

Equities

United Kingdom HSBC Holdings 3,300,340 26,261,542 4.11Vodafone Group 10,418,784 22,744,202 3.56BP 4,074,048 21,615,244 3.38GlaxoSmithKline 1,078,119 20,625,706 3.23Royal Dutch Shell ‘A’ 837,634 20,553,196 3.21British American Tobacco 480,114 19,087,856 2.98Reckitt Benckiser Group 297,997 16,308,068 2.55Prudential 1,207,179 15,180,394 2.37Rolls-Royce Holdings 1,104,916 14,913,610 2.33Imperial Tobacco Group (1) 555,539 14,769,754 2.31Barclays 4,544,567 14,732,819 2.30BG Group 1,111,619 14,556,297 2.28Experian (Jersey) (2) 971,079 13,027,775 2.05Glencore Xstrata (Jersey) (2) 3,486,578 11,054,240 1.73Tullow Oil 902,942 10,566,932 1.65Rolls-Royce Holdings Pfd ‘C’ 134,510,698 157,055 0.02


Switzerland Nestlé Regd 615,800 30,877,315 4.83Roche Holding ‘Genusschein’ 143,304 26,878,733 4.20Novartis Regd 485,542 26,239,958 4.10Zurich Insurance Group 72,724 14,432,385 2.26


Germany Bayer Regd 241,698 19,657,298 3.07Siemens Regd 232,419 17,956,692 2.81Daimler Regd 368,007 16,937,522 2.65Volkswagen Pfd 89,250 13,869,450 2.17Muenchener Rueckversicherungs Regd 86,818 12,254,361 1.92Fresenius & Co. 111,986 10,566,999 1.65

Total for Germany 14.27

France AXA 1,085,330 16,263,670 2.54BNP Paribas 389,184 16,242,594 2.54Schneider Electric 286,137 15,874,881 2.49SES (Luxembourg) (2) 509,684 11,258,920 1.76Société Générale 420,360 11,133,235 1.74Accor 383,649 10,272,202 1.61Crédit Agricole 1,527,561 9,994,832 1.56

Total for France 14.24

Spain Amadeus IT Holding ‘A’ (1) 571,569 14,006,298 2.19Banco Bilbao Vizcaya Argentaria 2,055,877 13,188,451 2.06

Total for Spain 4.25

Sweden Svenska Cellulosa ‘B’ 575,666 11,006,503 1.72Millicom International Cellular SDR (Luxembourg) (2) 151,436 8,505,224 1.33

Total for Sweden 3.05

INVESTMENT AIM

To seek long-term capital growth, measured in Euro, through investment primarily in a concentrated portfolio of equity securities of companies listed on European Stock Exchanges.




value% of net

assets


European Equity Alpha Fund




value% of net

assets

Netherlands Reed Elsevier 1,018,255 13,013,299 2.04

Total for Netherlands 2.04

Finland Kone ‘B’ (1) 172,257 10,481,838 1.64

Total for Finland 1.64

Belgium Umicore (1) 305,829 9,720,775 1.52


Portugal Galp Energia SGPS 753,786 8,536,626 1.33

Total for Portugal 1.33


Mutual Fund

Morgan Stanley Liquidity Funds - Euro Liquidity Fund (Luxembourg) (2) (4) 9,007,566 9,007,566 1.41




DERIVATIVES

Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2013, expressed in Euro.


Maturity date

Amount bought Ccy



EUR% of net

assets

USD Hedged Share Class05/07/2013 950,996 USD 726,482 EUR J.P. Morgan 3,357 0.00


GBP Hedged Share Class05/07/2013 63,855,936 GBP 75,234,207 EUR J.P. Morgan (677,952) (0.11)









European Property Fund

Equities

United KingdomLand Securities Group (1) 1,260,112 13,006,399 6.48British Land (1) 1,665,480 11,070,731 5.51Hammerson 1,716,289 9,689,081 4.83LXB Retail Properties (Jersey) (2) 3,860,139 5,222,619 2.60Safestore Holdings (1) 3,254,966 4,722,136 2.35Intu Properties (1) 1,299,256 4,701,235 2.34Derwent London (1) 148,372 3,970,656 1.98Unite Group 876,782 3,675,207 1.83Great Portland Estates (1) 580,515 3,558,512 1.77ST Modwen Properties 982,357 3,037,267 1.51Quintain Estates & Development 2,825,364 2,573,148 1.28Capital & Regional 5,357,029 2,080,376 1.04Grainger 953,588 1,608,882 0.80Segro (1) 438,661 1,430,526 0.71Capital & Counties Properties 322,044 1,217,553 0.61Shaftesbury (1) 146,845 1,015,882 0.51Londonmetric Property 495,500 605,485 0.30Big Yellow Group 90,767 407,175 0.20


FranceUnibail-Rodamco 112,465 19,979,407 9.95Gecina (1) 105,695 9,057,005 4.51Klepierre 249,275 7,585,438 3.78ICADE (1) 104,324 6,605,796 3.29Mercialys 422,474 6,180,795 3.08Foncière des Regions 72,797 4,215,674 2.10Altarea 10,737 1,332,462 0.66SILIC (Société Immobilière de Location pour l’Industrie et le Commerce) 14,875 1,174,233 0.59Société de la Tour Eiffel 14,273 648,280 0.32


GermanyLEG Immobilien 164,588 6,602,448 3.29Alstria Office REIT 250,194 2,096,626 1.04Prime Office REIT 522,918 1,867,340 0.93Deutsche Euroshop (1) 56,648 1,724,648 0.86GSW Immobilien 42,594 1,262,912 0.63Deutsche Wohnen ‘Bearer’ 93,226 1,212,404 0.60


SwedenHufvudstaden ‘A’ 677,783 6,217,205 3.10Atrium Ljungberg ‘B’ 489,530 4,735,520 2.36Castellum 232,918 2,412,203 1.20


SwitzerlandPSP Swiss Property Regd 130,640 8,578,319 4.28Swiss Prime Site Regd (1) 54,337 3,055,740 1.52Mobimo Holding Regd (1) 7,236 1,129,053 0.56


INVESTMENT AIM

To seek long-term capital appreciation, measured in Euro, through investment in the equity securities of companies in the European real estate industry.




value% of net

assets


European Property Fund




value% of net

assets

NetherlandsCorio 208,864 6,390,194 3.18Eurocommercial Properties ‘CVA’ 118,729 3,327,974 1.66Wereldhave 30,575 1,528,291 0.76Vastned Retail 27,768 870,527 0.44


AustriaAtrium European Real Estate (Jersey) (2) 1,546,173 6,183,146 3.08Conwert Immobilien Invest (1) 71,771 544,383 0.27


ItalyBeni Stabili 6,986,434 3,346,502 1.67

Total for Italy 1.67

FinlandSponda 658,066 2,375,618 1.18Citycon 130,087 312,209 0.16


NorwayNorwegian Property (1) 2,587,896 2,503,403 1.25

Total for Norway 1.25

BelgiumCofinimmo (1) 4,972 418,692 0.20





(1) All or part of this position is out on loan. (2) The country in brackets represents the country of incorporation of this security.




Eurozone Equity Alpha Fund

Equities

Germany Bayer Regd 105,013 8,540,707 5.31Siemens Regd 103,536 7,999,191 4.97Allianz Regd 64,230 7,196,972 4.47Daimler Regd 150,583 6,930,583 4.31Volkswagen Pfd 34,768 5,402,947 3.36Muenchener Rueckversicherungs Regd 36,723 5,183,452 3.22Henkel & Co Pfd 57,842 4,160,575 2.58Fresenius & Co. 42,001 3,963,214 2.46


France BNP Paribas 162,155 6,767,539 4.20AXA 408,207 6,116,982 3.80Schneider Electric 104,692 5,808,312 3.61Safran 116,263 4,681,911 2.91Pernod-Ricard 51,405 4,370,453 2.72Société Générale 155,152 4,109,201 2.55SES (Luxembourg) (2) 179,331 3,961,422 2.46Accor 139,280 3,729,222 2.32Crédit Agricole 541,081 3,540,293 2.20Faurecia (1) 172,043 2,925,591 1.82


Netherlands Unilever ‘CVA’ 231,143 6,997,854 4.35Koninklijke Ahold 424,582 4,857,218 3.02Reed Elsevier 344,433 4,401,854 2.73


Italy ENI 398,094 6,293,866 3.91Azimut Holding 266,490 3,682,892 2.29Ansaldo STS 488,885 3,629,971 2.25


Spain Banco Bilbao Vizcaya Argentaria 884,533 5,674,279 3.52Amadeus IT Holding ‘A’ (1) 207,299 5,079,862 3.16


United Kingdom Imperial Tobacco Group (1) 135,050 3,590,486 2.23Royal Dutch Shell ‘A’ 136,497 3,352,366 2.08


Ireland CRH 270,616 4,222,963 2.62

Total for Ireland 2.62

Finland Kone ‘B’ 63,283 3,850,771 2.40


INVESTMENT AIM

To seek attractive long-term capital growth, measured in Euro, through investment primarily in a concentrated portfolio of equity securities of companies domiciled or exercising the predominant part of their economic activity in the Eurozone (being those member states of the European Union which have adopted the Euro as their national currency).




value% of net

assets


Eurozone Equity Alpha Fund




value% of net

assets

Portugal Galp Energia SGPS 293,952 3,329,006 2.08


Belgium Umicore 97,869 3,110,766 1.93



Mutual Fund




DERIVATIVES



Maturity date

Amount bought Ccy



EUR% of net

assets

USD Hedged Share Class05/07/2013 959,647 USD 733,091 EUR J.P. Morgan 3,388 0.00









Frontier Emerging Markets Equity Fund*

Equities

Nigeria Nigerian Breweries 191,500 184,128 3.45Afren (United Kingdom) (2) 77,400 152,259 2.86FBN Holdings 1,310,689 144,511 2.71Dangote Cement 115,500 129,480 2.43Zenith Bank 1,041,100 126,971 2.38Access Bank 1,680,303 112,814 2.12First City Monument Bank 2,912,520 84,855 1.59Guaranty Trust Bank 488,460 73,111 1.37

Total for Nigeria 18.91

United Arab Emirates Aramex 298,100 198,844 3.73First Gulf Bank 44,400 192,810 3.62Emaar Properties 114,908 162,682 3.05Emirates Telecommunications Equity Wts exp. 14/04/2014 issued by Merrill Lynch International & Co (Curacao) (2) 44,800 137,218 2.58Drake & Scull International 310,394 77,494 1.45

Total for United Arab Emirates 14.43

QatarQatar National Bank 4,948 216,100 4.06Ooredoo 5,300 175,424 3.29Gulf International Services 13,600 155,590 2.92Industries Qatar 3,065 133,440 2.50


Saudi ArabiaEtihad Etisalat Company Participation note issued by HSBC Bank (United Kingdom) (2) 9,659 204,427 3.84Al Rajhi Bank Participation note issued by HSBC Bank (United Kingdom) (2) 6,818 130,210 2.44Herfy Food Services Equity Wts exp. 01/12/2014 issued by Deutsche Bank (Germany) (2) 2,887 90,825 1.70Saudi Hollandi Bank Participation note issued by HSBC Bank (United Kingdom) (2) 9,896 85,758 1.61Alinma Bank Equity Wts exp. 27/09/2016 issued by Deutsche Bank (Germany) (2) 21,797 79,559 1.49United Electronics Equity Wts exp. 27/09/2016 issued by Deutsche Bank (Germany) (2) 3,019 78,675 1.47

Total for Saudi Arabia 12.55

KenyaEast African Breweries 37,200 144,209 2.70Kenya Commercial Bank 201,927 86,977 1.63Scan Group 100,391 70,706 1.33

Total for Kenya 5.66

PakistanOil & Gas Development 40,900 93,983 1.76Lucky Cement 43,900 92,483 1.74United Bank 73,500 79,432 1.49

Total for Pakistan 4.99

INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, by investing primarily in a portfolio of equity securities in frontier emerging market countries. The term “frontier emerging markets” refers to those emerging market countries outside the “mainstream” emerging markets, whose capital markets have traditionally been difficult for foreign investors to enter or are in early stages of capital market and/or economic development.




value% of net

assets

* Fund commenced operations on 28 March 2013.


Frontier Emerging Markets Equity Fund*




value% of net

assets

RomaniaBanca Transilvania 321,044 115,478 2.17Fondul Proprietatea 562,700 101,858 1.91


ArgentinaYPF ADR 7,100 102,098 1.92Telecom Argentina ADR 4,000 59,800 1.12Banco Macro ‘B’ ADR 3,600 51,948 0.97

Total for Argentina 4.01

Sri LankaJohn Keells Holdings 52,935 101,899 1.91Commercial Bank of Ceylon 105,505 93,109 1.75

Total for Sri Lanka 3.66

KuwaitBurgan Bank 82,845 174,129 3.27

Total for Kuwait 3.27

LaosKolao Holdings (Cayman Islands) (2) 6,190 159,004 2.98

Total for Laos 2.98

BangladeshGrameenPhone 37,000 87,476 1.64Islami Bank Bangladesh 116,649 58,613 1.10

Total for Bangladesh 2.74

PanamaCopa Holdings ‘A’ 1,000 132,240 2.48


AustriaOMV 1,878 84,411 1.58


SwitzerlandCoca-Cola 3,181 73,368 1.38


South AfricaTiger Brands 2,500 71,843 1.35


EgyptGhabbour Auto 17,863 68,724 1.29

Total for Egypt 1.29

VietnamViet Nam Dairy Products Equity Wts exp. 22/07/2019 issued by Deutsche Bank (Germany) (2) (3) 8,690 62,086 1.16

Total for Vietnam 1.16



DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

EUR Hedged Share Class05/07/2013 238,296 EUR 311,939 USD J.P. Morgan (1,435) (0.03)

Unrealised Loss on Forward Foreign Currency Exchange Contracts (1,435) (0.03)





(2) The country in brackets represents the country of incorporation of this security.(3) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial

Statements.




value% of net

assets



Global Advantage Fund*

Equities

United States of AmericaGoogle ‘A’ 133 116,314 5.84Amazon.com 408 113,575 5.70Facebook ‘A’ 3,864 94,359 4.74Visa ‘A’ 336 61,357 3.08Starbucks 920 60,426 3.03Mastercard ‘A’ 100 56,700 2.85Motorola Solutions 916 52,688 2.64Progressive 2,024 50,762 2.55Mead Johnson Nutrition 638 50,083 2.51Anheuser-Busch InBev ADR (Belgium) (2) 450 40,217 2.02Apple 97 37,914 1.90Philip Morris International 403 35,214 1.77Berkshire Hathaway ‘B’ 289 32,330 1.62Coach 548 31,061 1.56Arch Capital Group (Bermuda) (2) 586 30,021 1.51BlackRock 115 29,664 1.49


FranceChristian Dior 520 84,763 4.25Edenred 2,710 82,806 4.16Eurazeo 1,465 78,580 3.94Société BIC 289 29,094 1.46


CanadaAimia 3,138 46,185 2.32Sears Canada 4,437 45,350 2.27Fairfax Financial Holdings 97 36,829 1.85Whistler Blackcomb Holdings 2,372 30,626 1.54

Total for Canada 7.98

United KingdomBurberry Group 2,486 50,606 2.54Intertek Group 1,002 44,811 2.25Diageo ADR 320 36,746 1.84


SingaporeJardine Matheson Holdings (Bermuda) (2) 1,212 73,243 3.68Mandarin Oriental International (Bermuda) (2) 32,000 51,646 2.59


SwitzerlandNestlé ADR Regd 1,102 72,049 3.62


South AfricaNaspers ‘N’ 777 55,098 2.77


Hong KongL’Occitane International (Luxembourg) (2) 15,000 40,371 2.03


INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, by investing primarily in securities issued by companies from both developed and emerging markets.




value% of net

assets

* Fund commenced operations on 31 January 2013.


Global Advantage Fund*




value% of net

assets

DenmarkPandora 962 32,365 1.62

Total for Denmark 1.62

GreeceJUMBO 3,146 31,154 1.56

Total for Greece 1.56

BrazilJHSF Participacoes 9,002 25,118 1.25LLX Logistica 10,320 4,730 0.24


AustraliaAurizon Holdings 7,656 29,041 1.46



Mutual Fund










Global Brands Fund

Equities

United States of AmericaMicrosoft 13,122,563 453,909,454 4.87Procter & Gamble 5,676,326 436,736,522 4.68Philip Morris International 4,833,504 422,351,579 4.53Accenture ‘A’ (Ireland) (2) 5,594,608 392,126,075 4.20Dr Pepper Snapple Group 7,831,140 360,075,817 3.86Visa ‘A’ 1,426,913 260,568,583 2.79Mondelez International ‘A’ 6,534,957 188,925,607 2.03Herbalife (Cayman Islands) (2) 4,156,344 186,661,409 2.00Moody’s 2,852,359 173,280,809 1.86Kraft Foods Group 2,746,245 152,416,597 1.63Mead Johnson Nutrition 1,826,177 143,354,895 1.54Nike ‘B’ 1,760,247 107,304,657 1.153M 627,197 68,577,720 0.73


United KingdomBritish American Tobacco 17,037,694 882,615,076 9.46Reckitt Benckiser Group 9,707,335 692,210,818 7.42Unilever 16,750,766 676,871,384 7.25Diageo 14,672,023 421,439,657 4.52Imperial Tobacco Group 10,989,735 380,709,454 4.08Experian (Jersey) (2) 8,462,964 147,940,109 1.59Admiral Group 3,261,762 66,050,139 0.71


SwitzerlandNestlé 14,004,069 914,959,398 9.81


FranceSanofi 5,093,141 525,338,490 5.63Legrand 1,420,190 65,786,047 0.70


GermanySAP 5,822,571 422,285,074 4.53


Sweden Swedish Match 6,895,048 242,941,073 2.60


NetherlandsDE Master Blenders 1753 13,891,534 222,730,433 2.39


ItalyDavide Campari-Milano 12,635,792 91,707,615 0.98



INVESTMENT AIM

To seek an attractive long-term rate of return, measured in US dollars, through investment principally in equity securities of companies in the world’s developed countries, by investing in a concentrated portfolio of companies whose success the Company believes depends on intangible assets (for example, but not limited to, brand names, copyrights or methods of distribution) underpinning a strong business franchise.




value% of net

assets


Global Brands Fund

Mutual Fund

Morgan Stanley Liquidity Funds - US Dollar Treasury Liquidity Fund (Luxembourg) (2) (4) 200,760,495 200,760,495 2.15



DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

EUR Hedged Share Class05/07/2013 3,866,497 USD 2,959,852 EUR J.P. Morgan 9,748 0.00

CHF Hedged Share Class05/07/2013 29,814 USD 27,963 CHF J.P. Morgan 202 0.00


EUR Hedged Share Class 05/07/2013 1,191,263,675 EUR 1,559,414,184 USD J.P. Morgan (7,172,988) (0.08)

GBP Hedged Share Class05/07/2013 114,416,126 GBP 176,456,703 USD J.P. Morgan (2,387,733) (0.03)

CHF Hedged Share Class05/07/2013 41,977,519 CHF 44,741,420 USD J.P. Morgan (289,652) 0.00 05/07/2013 10,748 USD 10,168 CHF J.P. Morgan (19) 0.00

Total Unrealised Loss on Forward Foreign Currency Exchange Contracts (9,850,392) (0.11)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (9,840,422) (0.11)

Total Derivatives (9,840,422) (0.11)







value% of net

assets



Global Equity Allocation Fund

Equities

United States of AmericaExxon Mobil 2,901 260,568 1.47Microsoft 7,274 251,608 1.42Apple 498 194,653 1.10Wells Fargo & Co 4,558 187,151 1.05Johnson & Johnson 2,136 183,696 1.03Google ‘A’ 202 176,657 0.99Chevron 1,285 152,337 0.86JPMorgan Chase & Co. 2,776 146,018 0.82Pfizer 4,948 140,870 0.79Amazon.com 501 139,463 0.78International Business Machines 708 134,053 0.75Charles Schwab 6,100 127,612 0.72Intel 5,213 123,913 0.70Philip Morris International 1,396 121,982 0.69General Electric 5,166 119,800 0.67PNC Financial Services Group 1,600 116,112 0.65Qualcomm 1,885 114,627 0.65Biogen Idec 500 109,600 0.62Cisco Systems 4,413 107,633 0.61Procter & Gamble 1,315 101,176 0.57Bank of America 7,639 98,375 0.55Citigroup 1,976 94,394 0.53Berkshire Hathaway ‘B’ 706 78,980 0.44Amgen 800 78,456 0.44American Express 1,000 74,400 0.42Coca-Cola 1,829 73,434 0.41Occidental Petroleum 802 71,899 0.40Oracle 2,332 71,033 0.40Freeport-McMoRan Copper & Gold 2,599 70,693 0.40Union Pacific 443 68,452 0.39Visa ‘A’ 372 67,931 0.38United Parcel Service ‘B’ 772 66,925 0.38United Technologies 723 66,841 0.38Merck & Co. 1,386 64,934 0.373M 567 61,996 0.35Schlumberger (Curacao) (2) 850 61,013 0.34Gilead Sciences 1,191 60,455 0.34Bristol-Myers Squibb 1,300 59,384 0.33Simon Property Group 371 58,893 0.33Altria Group 1,660 58,747 0.33Illinois Tool Works 810 55,971 0.32Wal-Mart Stores 741 55,857 0.31Danaher 867 54,708 0.31Broadcom ‘A’ 1,607 53,923 0.30MetLife 1,154 52,749 0.30Prudential Financial 734 52,642 0.30DR Horton 2,400 51,144 0.29Walt Disney 791 50,489 0.28Bank of New York Mellon 1,700 47,464 0.27AbbVie 1,107 46,693 0.26Comerica 1,183 46,516 0.26U.S. Bancorp 1,283 46,034 0.26CVS Caremark 800 45,392 0.26Goldman Sachs Group 295 44,575 0.25Allstate 922 44,376 0.25Verizon Communications 781 39,792 0.22Weyerhaeuser 1,420 39,533 0.22Comcast ‘A’ 976 39,528 0.22Abbott Laboratories 1,107 39,000 0.22McDonald’s 391 38,854 0.22AT&T 1,097 38,801 0.22Texas Instruments 1,114 38,578 0.22PepsiCo 472 38,562 0.22ConocoPhillips 625 37,606 0.21Home Depot 491 37,498 0.21ACE (Switzerland) (2) 420 37,346 0.21

INVESTMENT AIM

To seek long-term capital appreciation, in US dollars, by investing primarily in equity securities issued by companies located throughout the world. The portfolio is constructed on the basis of the belief that the most important factors to global equity investing are choice of region, country and industry sector. The investment decisions are implemented through optimised stock baskets that are constructed to broadly track the local MSCl lndices.




value% of net

assets



Eaton (Ireland) (2) 570 37,118 0.21Medtronic 713 36,798 0.21Parker Hannifin 380 36,412 0.20Johnson Controls 1,010 36,128 0.20McKesson 300 34,506 0.19Caterpillar 406 33,556 0.19General Mills 686 33,120 0.19EOG Resources 252 33,007 0.19Raytheon 496 32,716 0.18FedEx 324 32,092 0.18Dow Chemical 1,000 32,020 0.18Automatic Data Processing 459 31,542 0.18Halliburton 753 31,415 0.18Duke Energy 465 31,253 0.18Mastercard ‘A’ 55 31,185 0.18Dover 380 29,629 0.17Monsanto 300 29,613 0.17Travelers 370 29,478 0.17Kimberly-Clark 303 29,230 0.16HCA Holdings 815 29,112 0.16Time Warner 500 28,790 0.16eBay 555 28,594 0.16General Dynamics 351 27,497 0.15American Tower 371 27,187 0.15Honeywell International 342 27,134 0.15AON (United Kingdom) (2) 420 26,968 0.15Ingersoll-Rand (Ireland) (2) 487 26,800 0.15Emerson Electric 487 26,610 0.15EMC 1,149 26,599 0.15Marathon Oil 759 26,588 0.15EI du Pont de Nemours & Co. 500 26,515 0.15UnitedHealth Group 400 26,172 0.15Devon Energy 504 26,148 0.15Baker Hughes 564 25,820 0.15Spectra Energy 756 25,772 0.14State Street 400 25,768 0.14National Oilwell Varco 377 25,726 0.14Hewlett-Packard 1,042 25,685 0.14Norfolk Southern 348 25,376 0.14Edison International 535 25,300 0.14Covidien (Ireland) (2) 400 25,100 0.14TJX Companies 500 25,055 0.14Deere & Co 299 24,838 0.14Eli Lilly & Co 500 24,635 0.14WellPoint 300 24,366 0.14Waste Management 612 24,364 0.14Northrop Grumman 294 24,290 0.14Aflac 420 24,142 0.14Ameren 700 23,954 0.13American Electric Power 535 23,738 0.13CMS Energy 866 23,399 0.13Boeing 228 23,336 0.13Southern 535 23,299 0.13Northern Trust 400 23,012 0.13Praxair 200 22,796 0.13Twenty-First Century Fox non-vtg ‘A’ 700 22,736 0.13ConAgra Foods 639 22,263 0.13Costco Wholesale 200 22,247 0.13CSX 944 22,014 0.12Ford Motor 1,400 21,672 0.12Equity Residential 371 21,574 0.12Aetna 338 21,439 0.12Agilent Technologies 500 21,380 0.12Marsh & McLennan 534 21,275 0.12FMC Technologies 377 21,142 0.12Adobe Systems 463 21,080 0.12




value% of net

assets


value% of net

assets

Apache 252 21,077 0.12Progressive 840 21,067 0.12Baxter International 300 20,796 0.12Yum! Brands 300 20,727 0.12Lowe’s Cos 500 20,360 0.11Viacom ‘B’ 300 20,181 0.11Express Scripts Holding 324 20,017 0.11Laboratory Corp of America Holdings 200 19,910 0.11FirstEnergy 535 19,838 0.11Starbucks 300 19,704 0.11Becton Dickinson & Co 200 19,638 0.11CBS non-vtg ‘B’ 400 19,568 0.11Accenture ‘A’ (Ireland) (2) 277 19,415 0.11Walgreen 433 19,407 0.11Macy’s 400 19,300 0.11Cardinal Health 400 18,968 0.11CA 652 18,641 0.10Mondelez International ‘A’ 639 18,473 0.10Marathon Petroleum 252 17,766 0.10Sherwin-Williams 100 17,682 0.10Valero Energy 504 17,479 0.10BlackRock 67 17,283 0.10Campbell Soup 384 17,192 0.10Ecolab 200 17,138 0.10Franklin Resources 125 17,038 0.10Molson Coors Brewing vtg ‘B’ 350 16,923 0.10HCP 371 16,832 0.09Intuit 277 16,692 0.09Exelon 535 16,521 0.09Fiserv 185 16,082 0.09PPL 535 16,007 0.09Paccar 299 15,976 0.09Discovery Communications ‘A’ 200 15,334 0.09Computer Sciences 355 15,212 0.09Public Storage 100 15,171 0.09Xcel Energy 535 15,071 0.08Delta Air Lines 808 15,061 0.08Zimmer Holdings 200 14,922 0.08United Continental Holdings 469 14,802 0.08Life Technologies 200 14,800 0.08L Brands 300 14,778 0.08Yahoo! 591 14,751 0.08Pinnacle West Capital 267 14,690 0.08Cincinnati Financial 320 14,682 0.08PPG Industries 100 14,608 0.08Cigna 200 14,486 0.08TE Connectivity (Switzerland) (2) 314 14,227 0.08NRG Energy 535 14,220 0.08Bed Bath & Beyond 200 14,104 0.08Host Hotels & Resorts 841 14,078 0.08Target 200 13,774 0.08Liberty Interactive ‘A’ 600 13,746 0.08Discovery Communications ‘C’ 200 13,688 0.08Phillips 66 232 13,681 0.08St Jude Medical 300 13,647 0.08LyondellBasell Industries ‘A’ (Netherlands) (2) 200 13,404 0.08Southwest Airlines 1,015 13,043 0.07International Paper 300 12,948 0.07Stryker 200 12,888 0.07Archer-Daniels-Midland 384 12,879 0.07Starwood Hotels & Resorts Worldwide 200 12,696 0.07Omnicom Group 200 12,578 0.07Kimco Realty 579 12,367 0.07DIRECTV 200 12,204 0.07Quest Diagnostics 200 12,142 0.07Tyco International (Switzerland) (2) 372 12,116 0.07Xilinx 304 11,962 0.07Applied Materials 811 11,930 0.07Motorola Solutions 207 11,907 0.07NetApp 314 11,888 0.07Kraft Foods Group 212 11,766 0.07Weatherford International (Switzerland) (2) 853 11,601 0.07Cameron International 188 11,568 0.07Cognizant Technology Solutions ‘A’ 185 11,563 0.07


United States of America (continued)





Cummins 107 11,545 0.06Salesforce.com 302 11,458 0.06Boston Properties 108 11,412 0.06Calpine 535 11,305 0.06Time Warner Cable 100 10,937 0.06Harley-Davidson 200 10,802 0.06Anadarko Petroleum 126 10,758 0.06Corning 732 10,380 0.06Kroger 300 10,353 0.06MeadWestvaco 300 10,203 0.06New York Community Bancorp 733 10,196 0.06ProLogis 271 10,195 0.06Masco 513 10,152 0.06EQT 126 10,025 0.06Vulcan Materials 200 9,954 0.06General Motors 300 9,870 0.06Range Resources 126 9,776 0.05Hertz Global Holdings 400 9,776 0.05L-3 Communications Holdings 114 9,755 0.05Eaton Vance 255 9,639 0.05Noble (Switzerland) (2) 252 9,551 0.05Discover Financial Services 200 9,388 0.05Western Union 555 9,329 0.05NYSE Euronext 225 9,317 0.05Air Products & Chemicals 100 9,208 0.05McCormick & Co non-vtg 131 9,132 0.05Rockwell Automation 107 9,000 0.05Vornado Realty Trust 108 8,912 0.05Unum Group 300 8,835 0.05People’s United Financial 593 8,812 0.05Nucor 200 8,716 0.05GameStop ‘A’ 200 8,526 0.05Regeneron Pharmaceuticals 37 8,520 0.05Pentair Regd (Switzerland) (2) 147 8,511 0.05H&R Block 300 8,385 0.05Boston Scientific 900 8,379 0.05Ball 200 8,374 0.05Republic Services 248 8,372 0.05Clorox 100 8,338 0.05Newmont Mining 300 8,337 0.05BMC Software 185 8,332 0.05Symantec 371 8,273 0.05Crown Holdings 200 8,114 0.05Sigma-Aldrich 100 8,062 0.05Ameriprise Financial 100 8,047 0.05Xylem 299 7,924 0.04Staples 500 7,905 0.04Helmerich & Payne 126 7,880 0.04Western Digital 127 7,861 0.04SPX 107 7,795 0.04SanDisk 126 7,556 0.04ADT 186 7,472 0.04Ventas 108 7,471 0.04Hospira 200 7,466 0.04Hudson City Bancorp 812 7,389 0.04CareFusion 200 7,384 0.04Equifax 124 7,310 0.04Liberty Global ‘A’ (United Kingdom) (2) 100 7,295 0.04T Rowe Price Group 100 7,251 0.04Rockwell Collins 114 7,171 0.04JB Hunt Transport Services 100 7,141 0.04Eastman Chemical 100 7,139 0.04Safeway 300 7,116 0.04CenturyLink 200 7,078 0.04Pall 107 7,049 0.04




value% of net

assets


value% of net

assets

Liberty Global (United Kingdom) (2) 100 6,873 0.04Consol Energy 252 6,812 0.04Health Care REIT 100 6,666 0.04Paychex 185 6,662 0.04ACCO Brands 1,003 6,580 0.04Twenty-First Century Fox vtg ‘B’ 200 6,544 0.04Fluor 107 6,296 0.04Autodesk 185 6,284 0.04Juniper Networks 314 5,957 0.03Jacobs Engineering Group 107 5,914 0.03Dr Pepper Snapple Group 128 5,885 0.03Xerox 648 5,884 0.03Cintas 124 5,664 0.03CH Robinson Worldwide 100 5,598 0.03Owens-Illinois 200 5,542 0.03Citrix Systems 92 5,480 0.03Mosaic 100 5,409 0.03Joy Global 107 5,309 0.03TransDigm Group 33 5,180 0.03Chesapeake Energy 252 5,118 0.03Kohl’s 100 5,073 0.03Tenaris (Luxembourg) (2) 251 5,037 0.03American Capital Agency 222 5,011 0.03UDR 189 4,789 0.03Kinder Morgan 126 4,780 0.03Murphy Oil 78 4,769 0.03Plum Creek Timber 100 4,628 0.03Southwestern Energy 126 4,539 0.03Delphi Automotive (Jersey) (2) 89 4,516 0.03Celanese ‘A’ 100 4,461 0.03Tractor Supply 38 4,416 0.02Annaly Capital Management 350 4,414 0.02Kinder Morgan Management 52 4,316 0.02Hillshire Brands 128 4,204 0.02Wyndham Worldwide 74 4,202 0.02Avon Products 200 4,186 0.02SL Green Realty 47 4,126 0.02Electronic Arts 185 4,083 0.02Robert Half International 124 4,077 0.02Trimble Navigation 157 4,054 0.02Equinix 22 4,050 0.02PVH 32 3,997 0.02Akamai Technologies 92 3,914 0.02Nabors Industries (Bermuda) (2) 252 3,914 0.02Liberty Property Trust 100 3,734 0.02LinkedIn ‘A’ 21 3,734 0.02Peabody Energy 252 3,687 0.02Affiliated Managers Group 23 3,644 0.02Iron Mountain 134 3,559 0.02KBR 107 3,464 0.02Hershey 38 3,366 0.02International Game Technology 200 3,340 0.02Alcoa 400 3,116 0.02Liberty Ventures ‘A’ 35 2,929 0.02Sprint Nextel 400 2,788 0.02Ulta Salon Cosmetics & Fragrance 27 2,675 0.02Ansys 36 2,650 0.01Dick’s Sporting Goods 51 2,548 0.01Albemarle 39 2,451 0.01Charter Communications ‘A’ 19 2,365 0.01Colgate-Palmolive 38 2,164 0.01CST Brands 56 1,723 0.01Rackspace Hosting 42 1,574 0.01Sensata Technologies Holdings (Netherlands) (2) 43 1,512 0.01First Republic Bank 37 1,413 0.01Engility Holdings 17 481 0.00


JapanToyota Motor 1,500 90,343 0.51Bridgestone 2,000 67,933 0.38







Fanuc 300 43,400 0.24Murata Manufacturing 500 37,995 0.21Astellas Pharma 500 27,126 0.15Shimano 300 25,450 0.14Tokio Marine Holdings 800 25,304 0.14Fast Retailing 75 25,210 0.14Tokyo Gas 4,000 22,088 0.12Japan Tobacco 600 21,169 0.12IHI 5,000 18,897 0.11Denso 400 18,760 0.11Daiwa House Industry 1,000 18,618 0.11Bank of Kyoto 2,000 16,647 0.09Toyota Industries 400 16,331 0.09Secom 300 16,305 0.09Central Japan Railway 125 15,264 0.09Honda Motor 400 14,817 0.08Seven & I Holdings 400 14,573 0.08Sumitomo Mitsui Financial Group 300 13,720 0.08Chiba Bank 2,000 13,602 0.08Shin-Etsu Chemical 200 13,236 0.08Nomura Research Institute 400 13,021 0.07Nitto Denko 200 12,835 0.07Hachijuni Bank 2,000 11,679 0.07Nippon Building Fund 1 11,522 0.07Japan Real Estate Investment 1 11,117 0.06Mitsubishi Heavy Industries 2,000 11,086 0.06Gunma Bank 2,000 11,024 0.06Shizuoka Bank 1,000 10,765 0.06Kao 300 10,201 0.06Orix 710 9,651 0.05Toshiba 2,000 9,587 0.05Daito Trust Construction 100 9,417 0.05Mitsubishi Chemical Holdings 2,000 9,375 0.05Sumitomo Mitsui Trust Holdings 2,000 9,308 0.05Takeda Pharmaceutical 200 9,028 0.05Keikyu 1,000 8,584 0.05Daiwa Securities Group 1,000 8,362 0.05Itochu Techno-Solutions 200 8,277 0.05Eisai 200 8,151 0.05Nissan Motor 800 8,078 0.05East Japan Railway 100 7,761 0.04Credit Saison 300 7,507 0.04NKSJ Holdings 300 7,134 0.04Otsuka Holdings 200 6,603 0.04Tokyu 1,000 6,534 0.04Canon 200 6,511 0.04Omron 200 5,945 0.03Softbank 100 5,819 0.03Hankyu Hanshin Holdings 1,000 5,694 0.03Unicharm 100 5,651 0.03Mabuchi Motor 100 5,333 0.03Nippon Telegraph & Telephone 100 5,175 0.03Bank of Yokohama 1,000 5,153 0.03Tobu Railway 1,000 5,147 0.03Tokyo Electron 100 5,049 0.03Daiichi Sankyo 300 5,001 0.03Asahi Group Holdings 200 4,957 0.03FUJIFILM Holdings 200 4,394 0.03NEC 2,000 4,367 0.03Osaka Gas 1,000 4,222 0.02Sumitomo Heavy Industries 1,000 4,205 0.02Hoya 200 4,129 0.02Daikin Industries 100 4,030 0.02OJI Holdings 1,000 4,026 0.02Shimizu 1,000 4,019 0.02




value% of net

assets


value% of net

assets

Aeon 300 3,933 0.02Taisei 1,000 3,615 0.02Benesse Holdings 100 3,604 0.02Yokogawa Electric 300 3,584 0.02NTT Data 1 3,541 0.02Mitsubishi Materials 1,000 3,511 0.02Kajima 1,000 3,311 0.02Taiheiyo Cement 1,000 3,188 0.02Trend Micro 100 3,170 0.02Sumitomo Chemical 1,000 3,135 0.02Ibiden 200 3,111 0.02NTT DoCoMo 2 3,105 0.02Kawasaki Heavy Industries 1,000 3,065 0.02Shiseido 200 2,977 0.02Citizen Holdings 500 2,786 0.02Nippon Steel & Sumitomo Metal 1,000 2,695 0.02Mitsui & Co. 200 2,508 0.01Sumitomo 200 2,490 0.01Nikon 100 2,327 0.01Komatsu 100 2,305 0.01Itochu 200 2,303 0.01Yamaha 200 2,287 0.01Mitsui Chemicals 1,000 2,253 0.01Teijin 1,000 2,193 0.01Konami 100 2,120 0.01Yamato Holdings 100 2,105 0.01Japan Retail Fund Investment 1 2,085 0.01Yahoo Japan 4 1,970 0.01West Japan Railway 42 1,782 0.01Mitsubishi 100 1,710 0.01Advantest 100 1,640 0.01Toyo Seikan Group Holdings 100 1,535 0.01Nomura Holdings 200 1,468 0.01JX Holdings 300 1,452 0.01Chubu Electric Power 100 1,416 0.01USS 10 1,269 0.01Sumitomo Electric Industries 100 1,193 0.01Mizuho Financial Group 500 1,036 0.01Yamada Denki 10 405 0.00


United KingdomHSBC Holdings 8,172 84,730 0.48WPP (Jersey) (2) 3,029 51,613 0.29BP 5,716 39,516 0.22Royal Dutch Shell ‘A’ 1,144 36,576 0.21Reckitt Benckiser Group 493 35,155 0.20Standard Chartered 1,561 33,783 0.19British American Tobacco 591 30,616 0.17Vodafone Group 10,107 28,749 0.16GlaxoSmithKline 1,120 27,920 0.16Aggreko 1,033 25,947 0.15Anglo American 1,220 23,359 0.13Legal & General Group 8,899 23,138 0.13Imperial Tobacco Group 661 22,899 0.13AstraZeneca 455 21,522 0.12Marks & Spencer Group 3,094 20,232 0.11Smith & Nephew 1,648 18,416 0.10Unilever 438 17,699 0.10National Grid 1,547 17,487 0.10Prudential 1,025 16,795 0.09BAE Systems 2,799 16,322 0.09SSE 698 16,131 0.09Rio Tinto 391 15,889 0.09Diageo 546 15,683 0.09Centrica 2,859 15,667 0.09Royal Dutch Shell ‘B’ 466 15,456 0.09Next 212 14,688 0.08Sage Group 2,693 13,943 0.08Carnival 395 13,732 0.08BG Group 700 11,944 0.07


Japan (continued)


Japan (continued)



Barclays 2,702 11,414 0.06Aviva 2,191 11,340 0.06Glencore Xstrata (Jersey) (2) 2,641 10,911 0.06Royal Bank of Scotland Group 2,463 10,230 0.06Old Mutual 3,723 10,196 0.06TUI Travel 1,840 9,871 0.06Pearson 486 8,644 0.05Tesco 1,717 8,643 0.05ICAP 1,514 8,306 0.05Compass Group 637 8,145 0.05BHP Billiton 286 7,284 0.04J Sainsbury 1,331 7,185 0.04Experian (Jersey) (2) 374 6,538 0.04ARM Holdings 527 6,342 0.04Intercontinental Hotels Group 218 5,953 0.03Land Securities Group 434 5,837 0.03Cobham 1,407 5,640 0.03Kingfisher 1,056 5,523 0.03Johnson Matthey 137 5,469 0.03Whitbread 112 5,172 0.03BT Group 1,010 4,749 0.03Severn Trent 173 4,382 0.03Capita 291 4,303 0.02Rexam 595 4,287 0.02British Land 493 4,270 0.02Burberry Group 207 4,214 0.02Rolls-Royce Holdings 209 3,676 0.02Petrofac (Jersey) (2) 196 3,584 0.02Wolseley (Jersey) (2) 72 3,315 0.02Tullow Oil 215 3,279 0.02AMEC 207 3,156 0.02Bunzl 137 2,687 0.02Croda International 71 2,666 0.01Intertek Group 53 2,370 0.01GKN 441 2,023 0.01Weir Group 56 1,831 0.01Smiths Group 91 1,807 0.01Meggitt 225 1,780 0.01Aberdeen Asset Management 301 1,743 0.01Inmarsat 60 609 0.00Rolls-Royce Holdings Pfd ‘C’ 24,871 38 0.00


SwitzerlandNestlé Regd 2,207 144,195 0.81Roche Holding ‘Genusschein’ 415 101,425 0.57Novartis Regd 1,366 96,191 0.54Holcim Regd 573 39,834 0.22UBS Regd 1,900 32,231 0.18Syngenta Regd 76 29,495 0.16ABB Regd 1,119 24,184 0.14Compagnie Financiere Richemont ‘Bearer’ ‘A & B’ Regd 234 20,641 0.12Credit Suisse Group Regd 694 18,328 0.10Lindt & Spruengli 4 15,037 0.08Lonza Group Regd 188 14,075 0.08Transocean 273 13,139 0.07Actelion Regd 199 12,011 0.07Sonova Holding Regd 97 10,256 0.06Swatch Group ‘Bearer’ 15 8,172 0.05Adecco Regd 114 6,488 0.04Givaudan Regd 5 6,406 0.04Kuehne & Nagel International Regd 52 5,705 0.03Geberit Regd 20 4,954 0.03SGS Regd 2 4,320 0.02




value% of net

assets


value% of net

assets

Schindler Holding ‘PC’ 26 3,642 0.02Swiss Prime Site Regd 46 3,371 0.02Banque Cantonale Vaudoise Regd 2 987 0.01


GermanyDeutsche Bank Regd 1,661 69,398 0.39Daimler Regd 782 46,897 0.26Siemens Regd 255 25,671 0.15Volkswagen Pfd 125 25,311 0.14Bayerische Motoren Werke 286 24,894 0.14SAP 343 24,876 0.14GEA Group 574 20,400 0.12Hannover Rueckversicherung Regd 167 11,977 0.07Adidas 98 10,530 0.06ProSiebenSat.1 Media Pfd 223 9,658 0.05Porsche Automobil Holding Pfd 125 9,623 0.05United Internet Regd 333 9,359 0.05Deutsche Post Regd 330 8,168 0.05Brenntag 47 7,153 0.04Fraport Frankfurt Airport Services Worldwide 104 6,273 0.04Commerzbank 274 2,390 0.01


SpainTelefonica 3,676 47,147 0.27Iberdrola 7,551 39,750 0.22Inditex 201 24,828 0.14Banco Santander 3,576 22,794 0.13Banco Bilbao Vizcaya Argentaria 1,699 14,202 0.08Abertis Infraestructuras 621 10,859 0.06Respol 491 10,339 0.06Amadeus IT Holding ‘A’ 98 3,129 0.02Ferrovial 161 2,556 0.02Red Electrica 46 2,522 0.01Gas Natural 125 2,516 0.01ENAGAS 89 2,185 0.01Grifols 54 1,981 0.01Distribuidora Internacional de Alimentacion 207 1,559 0.01Banco de Sabadell 812 1,350 0.01


AustraliaCommonwealth Bank of Australia 278 17,510 0.10BHP Billiton 512 14,601 0.08Westpac Banking 534 14,010 0.08Australia & New Zealand Banking Group 489 12,718 0.07National Australia Bank 408 11,014 0.06CSL 190 10,718 0.06Woolworths 257 7,696 0.04Brambles 773 6,584 0.04AGL Energy 416 5,498 0.03Wesfarmers 131 4,734 0.03Westfield 380 3,971 0.02Rio Tinto 71 3,377 0.02Woodside Petroleum 104 3,317 0.02QBE Insurance Group 208 2,863 0.02Caltex Australia 150 2,469 0.01Macquarie Group 59 2,243 0.01Amcor 205 1,895 0.01Origin Energy 158 1,818 0.01Orica 60 1,128 0.01Newcrest Mining 104 936 0.01James Hardie Industries (Ireland) (2) 82 702 0.00Federation Centres 197 426 0.00Shopping Centres Australasia Property Group 51 74 0.00



Switzerland (continued)


United Kingdom (continued)



FranceSanofi 348 35,895 0.20LVMH Moet Hennessy Louis Vuitton 114 18,568 0.11Société Générale 483 16,668 0.09Renault 84 5,662 0.03European Aeronautic Defence and Space (Netherlands) (2) 105 5,649 0.03Christian Dior 29 4,727 0.03Compagnie de Saint-Gobain 115 4,641 0.03Compagnie Generale des Etablissements Michelin 50 4,474 0.03BNP Paribas 79 4,296 0.02Schneider Electric 57 4,121 0.02Safran 64 3,358 0.02Vinci 62 3,103 0.02Legrand 65 3,011 0.02Bouygues 74 1,894 0.01Alstom 57 1,870 0.01Remy Cointreau 15 1,603 0.01Crédit Agricole 84 716 0.00Natixis 96 403 0.00Vivendi 14 264 0.00


ItalyAssicurazioni Generali 1,998 34,938 0.20ENI 1,208 24,885 0.14UniCredit 1,944 9,114 0.05Intesa Sanpaolo 4,861 7,746 0.04Fiat Industrial 516 5,772 0.03Enel 1,326 4,171 0.02Atlantia 234 3,820 0.02Saipem 136 2,220 0.01Luxottica Group 31 1,565 0.01Fiat 211 1,485 0.01Snam 288 1,298 0.01Telecom Italia 1,787 1,248 0.01Terna Rete Elettrica Nazionale 294 1,212 0.01Unione di Banche Italiane 231 838 0.01Enel Green Power 395 813 0.01Pirelli & Co 59 677 0.00Telecom Italia ‘RSP’ Pfd 1,069 596 0.00


NorwayDnB 2,098 30,294 0.17Statoil 680 14,009 0.08Orkla 1,382 11,325 0.06Telenor 501 9,934 0.06Aker Solutions 534 7,249 0.04Seadrill (Bermuda) (2) 129 5,222 0.03Yara International 107 4,256 0.02Norsk Hydro 609 2,428 0.01Subsea 7 (Luxembourg) (2) 80 1,406 0.01


DenmarkNovo-Nordisk ‘B’ 235 36,422 0.20TDC 1,249 10,091 0.06Danske Bank 524 8,934 0.05AP Moeller - Maersk ‘B’ 1 7,183 0.04Carlsberg ‘B’ 76 6,804 0.04




value% of net

assets

Coloplast ‘B’ 90 4,999 0.03Novozymes ‘B’ 143 4,591 0.03DSV 109 2,664 0.01


NetherlandsING Groep ‘CVA’ ADR 1,468 13,369 0.07Wolters Kluwer 498 10,496 0.06Randstad Holding 245 10,037 0.06Koninklijke Boskalis Westminster 242 8,829 0.05DE Master Blenders 1753 500 8,017 0.04Koninklijke Ahold 380 5,664 0.03Core Laboratories 27 4,082 0.02Gemalto 35 3,162 0.02Koninklijke Philips Electronics 108 2,935 0.02


South AfricaSABMiller (United Kingdom) (2) 1,285 61,700 0.35


SwedenTelefonaktiebolaget LM Ericsson ‘B’ 997 11,266 0.06Securitas ‘B’ 963 8,397 0.05TeliaSonera 1,268 8,240 0.05Svenska Cellulosa ‘B’ 324 8,072 0.04Tele2 ‘B’ 454 5,282 0.03Volvo ‘B’ 371 4,940 0.03Assa Abloy ‘B’ 98 3,834 0.02Elekta ‘B’ 208 3,159 0.02Electrolux ‘B’ 117 2,943 0.02Skanska ‘B’ 140 2,307 0.01Scania ‘B’ 100 2,000 0.01


BelgiumAnheuser-Busch InBev 364 32,527 0.18Telenet Group Holding 100 4,504 0.03KBC Groep 12 443 0.00


AustriaOMV 296 13,304 0.07Voestalpine 295 10,332 0.06Andritz 195 10,105 0.06Erste Group Bank 43 1,149 0.01IMMOFINANZ 220 828 0.00Vienna Insurance Group 9 415 0.00Raiffeisen Bank International 9 262 0.00


Finland Metso 237 8,097 0.05Elisa 384 7,540 0.04UPM-Kymmene 672 6,571 0.04Neste Oil 341 4,954 0.03Kone ‘B’ 46 3,647 0.02Wartsila 57 2,488 0.01




Denmark (continued)


value% of net

assets



PortugalEDP - Energias de Portugal 7,803 24,910 0.14Galp Energia SGPS 413 6,094 0.03Portugal Telecom SGPS Regd 313 1,215 0.01


SingaporeSeagate Technology (Ireland) (2) 216 9,580 0.06Flextronics International 732 5,571 0.03


PolandJeronimo Martins SGPS (Portugal) (2) 457 9,566 0.05


IrelandCRH 304 6,181 0.03Kerry Group ‘A’ 40 2,213 0.02


South KoreaNexon (Japan) (2) 100 1,100 0.01


Hong KongBank of East Asia 12 43 0.00New World Development 9 12 0.00



Mutual Fund







value% of net

assets

DERIVATIVES


Futures Contracts

DescriptionMaturity

dateNumber of contracts

Notional commitments Counterparty

Net unrealised gain/(loss) as at

30 June 2013% of net

assets

DJ Euro Stoxx 50 Index Future 09/2013 19 640,964 Goldman Sachs 126 0.00Mexican Bolsa Index Future 09/2013 2 60,930 Goldman Sachs 244 0.00Topix Index Future 09/2013 7 799,091 Goldman Sachs 16,531 0.09Yen Nikkei 225 Index Future 09/2013 3 206,207 Goldman Sachs 8,637 0.05

Unrealised Gain on Futures Contracts 25,538 0.14

CAC40 10 Euro Future 07/2013 8 388,088 Goldman Sachs (13,916) (0.08)DAX Index Future 09/2013 1 257,866 Goldman Sachs (5,212) (0.03)FTSE 100 Index Future 09/2013 8 750,294 Goldman Sachs (11,521) (0.06)FTSE MIB Index Future 09/2013 1 99,159 Goldman Sachs (5,339) (0.03)OMX Index Future 07/2013 8 136,547 Goldman Sachs (4,419) (0.02)S&P 500 EMINI Future 09/2013 13 1,038,375 Goldman Sachs (10,677) (0.06)

Unrealised Loss on Futures Contracts (51,084) (0.28)

Net Unrealised Loss on Futures Contracts 4,377,5211 (25,546) (0.14)

1 Cash of USD 397,970 held as collateral by the counterparty.


Maturity date

Amount bought Ccy



USD% of net

assets

18/07/2013 599,468 HKD 77,269 USD Mellon Bank 6 0.00 18/07/2013 89,953 USD 95,221 AUD Mellon Bank 2,837 0.02 18/07/2013 198,048 USD 19,379,505 JPY Northern Trust 2,435 0.01


18/07/2013 22,359 CAD 21,879 USD Credit Suisse (629) 0.00 18/07/2013 290,953 EUR 389,691 USD Deutsche Bank (10,554) (0.06)18/07/2013 315,584 EUR 418,712 USD State Street (7,479) (0.03)18/07/2013 24,701 EUR 33,085 USD Goldman Sachs (897) (0.01)18/07/2013 51,049 EUR 68,379 USD UBS (1,856) (0.01)18/07/2013 173,808 GBP 271,239 USD State Street (6,836) (0.04)18/07/2013 31,144 GBP 48,603 USD UBS (1,226) (0.01)18/07/2013 37,466,674 JPY 392,003 USD Northern Trust (13,823) (0.08)18/07/2013 3,413,817 JPY 35,715 USD UBS (1,257) (0.01)










Global Infrastructure Fund

Equities

United States of AmericaAmerican Tower 228,140 16,718,099 5.17SBA Communications ‘A’ 178,890 13,239,649 4.09Centerpoint Energy 548,600 12,809,810 3.96Kinder Morgan 330,020 12,520,959 3.87Sempra Energy 141,380 11,467,332 3.54ITC Holdings 125,020 11,278,054 3.49Spectra Energy 323,910 11,042,092 3.41Williams 324,970 10,568,024 3.27PG&E 225,830 10,128,476 3.13Crown Castle International 138,560 10,046,986 3.11Oneok 212,480 8,783,923 2.71Northeast Utilities 200,563 8,313,336 2.57Cheniere Energy 235,610 6,399,168 1.98Enbridge Energy Management 205,925 6,173,632 1.91NiSource 197,510 5,569,782 1.72American Water Works 128,066 5,187,954 1.60Atmos Energy 28,250 1,143,843 0.35California Water Service Group 27,120 524,230 0.16


CanadaTransCanada (1) 589,490 25,327,590 7.83Enbridge 304,722 12,767,973 3.94


United KingdomNational Grid 1,627,423 18,396,393 5.69Severn Trent 190,626 4,828,806 1.49United Utilities Group 148,609 1,541,509 0.48Pennon Group 47,890 467,760 0.14


ChinaBeijing Enterprises Holdings (Hong Kong) (2) 1,575,000 11,328,016 3.50Jiangsu Expressway ‘H’ 2,022,000 2,086,769 0.65China Gas Holdings (Bermuda) (2) 1,880,000 1,911,861 0.59ENN Energy Holdings (Cayman Islands) (1) (2) 270,000 1,432,578 0.44China Merchants Holdings International (Hong Kong) (2) 396,498 1,225,804 0.38Sichuan Expressway ‘H’ 3,220,700 863,150 0.27


ItalySnam 2,016,730 9,086,999 2.81Terna Rete Elettrica Nazionale 1,095,416 4,516,097 1.40Atlantia 214,909 3,508,758 1.08Societa Iniziative Autostradali e Servizi 167,450 1,368,045 0.42


AustraliaTransurban Group 1,144,086 7,069,769 2.19APA 348,830 1,906,999 0.59DUET 763,608 1,404,390 0.43Macquarie Atlas Roads 504,662 894,698 0.28Sydney Airport 285,587 883,959 0.27Spark Infrastructure Group 226,125 359,147 0.11


INVESTMENT AIM

To seek to provide long term capital appreciation, measured in US dollars, by investing primarily in equity securities issued by companies located throughout the world that are engaged in the infrastructure business.




value% of net

assets


Global Infrastructure Fund




value% of net

assets

DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets


Total Unrealised Gain on Forward Foreign Currency Exchange Contracts 596 0.00








FranceSES (Luxembourg) (2) 225,128 6,479,970 2.00Eutelsat Communications 87,313 2,497,245 0.77


GermanyFraport Frankfurt Airport Services Worldwide 142,787 8,612,388 2.66


NetherlandsKoninklijke Vopak 141,785 8,375,517 2.59


SwitzerlandFlughafen Zuerich Regd (1) 10,348 5,144,633 1.59


JapanTokyo Gas 740,000 4,086,197 1.26


BrazilCia de Saneamento Basico do Estado de Sao Paulo ADR 387,652 3,907,532 1.21


SpainAbertis Infraestructuras 131,067 2,291,889 0.71Ferrovial 94,062 1,493,439 0.46


Luxembourg Intelsat 109,850 2,202,492 0.68

Total for Luxembourg 0.68

AustriaFlughafen Wien 34,275 1,971,322 0.61



Mutual Fund







Global Opportunity Fund

Equities

United States of AmericaGoogle ‘A’ 4,370 3,821,740 7.00Amazon.com 12,570 3,499,111 6.40Facebook ‘A’ 136,099 3,323,538 6.08TAL Education Group ADR (Cayman Islands) (2) 177,542 1,853,539 3.39Visa ‘A’ 8,382 1,530,637 2.80Priceline.com 1,814 1,492,741 2.73Mastercard ‘A’ 2,567 1,455,489 2.66Wynn Resorts 7,835 1,004,682 1.84Monsanto 10,064 993,417 1.82Coach 16,643 943,325 1.73Greenlight Capital Re ‘A’ (Cayman Islands) (2) 35,227 856,368 1.57MSCI 22,481 738,276 1.35


China Kweichow Moutai Equity Wts exp. 18/02/2021 issued by Deutsch Bank (Germany) (2) 89,160 2,791,938 5.11Qihoo 360 Technology ADR (Cayman Islands) (2) 48,562 2,255,705 4.13New Oriental Education & Technology Group ADR (Cayman Islands) (2) 67,244 1,478,023 2.71Baidu ADR (Cayman Islands) (2) 14,489 1,344,579 2.46Kweichow Moutai Equity linked note, issued by UBS (Switzerland) (2) 35,800 1,122,062 2.05Uni-President China Holdings (Cayman Islands) (2) 643,100 651,463 1.19


IndiaJubilant Foodworks 90,802 1,592,073 2.92Adani Ports and Special Economic Zone 531,017 1,339,001 2.45Nestle India 6,319 514,239 0.94


United KingdomBurberry Group 91,396 1,860,487 3.40Diageo ADR 7,327 841,359 1.54


CanadaBrookfield Asset Management vtg ‘A’ 40,883 1,464,429 2.68Brookfield Infrastructure Partners (Bermuda) (2) 31,390 1,140,713 2.09


DenmarkDSV 98,464 2,406,259 4.40


BrazilCETIP - Balcao Organizado de Ativos e Derivativos 174,811 1,786,912 3.27


South AfricaNaspers ‘N’ 20,956 1,486,017 2.72


INVESTMENT AIM

To seek long term capital appreciation measured in US dollars through investment primarily in growth oriented equity securities on a global basis. The investment process will emphasize a bottom-up stock selection process seeking attractive investments on an individual company basis.




value% of net

assets


Global Opportunity Fund

Hong KongLouis XIII Holdings (Bermuda) (2) 1,730,800 1,342,221 2.46


ItalyPrada 118,700 1,075,292 1.97


JapanCalbee 11,300 1,071,880 1.96


BelgiumAnheuser-Busch InBev 10,817 966,612 1.77


SwitzerlandKuehne & Nagel International Regd 7,250 795,353 1.45



Mutual Fund







value% of net

assets

DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets







Other Assets less Liabilities (90,527) (0.17)






Global Property Fund

Equities

United States of America Simon Property Group 189,978 30,157,108 3.68Equity Residential 369,011 21,457,990 2.62AvalonBay Communities 114,237 15,445,985 1.88Vornado Realty Trust 170,724 14,088,144 1.72Host Hotels & Resorts 803,374 13,448,481 1.64HCP 264,197 11,986,618 1.46Public Storage 74,153 11,249,752 1.37Boston Properties 103,512 10,938,113 1.33Regency Centers 180,146 9,043,329 1.10General Growth Properties 448,015 8,902,058 1.09Macerich 110,401 6,680,364 0.82Starwood Hotels & Resorts Worldwide 95,688 6,074,274 0.74Forest City Enterprises ‘A’ 310,462 5,510,701 0.67ProLogis 129,296 4,864,115 0.59Camden Property Trust 63,936 4,446,109 0.54Mack-Cali Realty 152,965 3,758,350 0.46Ventas 50,810 3,515,036 0.43Equity Lifestyle Properties 44,742 3,489,876 0.43DCT Industrial Trust 438,513 3,135,368 0.38Senior Housing Properties Trust 108,189 2,795,604 0.34Brookfield Office Properties (Canada) (2) 161,502 2,668,013 0.33Digital Realty Trust 44,040 2,663,099 0.33Healthcare Realty Trust 96,194 2,438,518 0.30Alexandria Real Estate Equities 37,150 2,434,068 0.30Duke Realty 147,590 2,302,404 0.28Federal Realty Investment Trust 22,107 2,267,294 0.28Health Care REIT 27,640 1,842,482 0.22DDR 101,370 1,673,619 0.20American Campus Communities 37,200 1,522,596 0.19Taubman Centers 20,130 1,513,373 0.18Cousins Properties 146,087 1,468,174 0.18Essex Property Trust 7,500 1,200,600 0.15Hudson Pacific Properties 52,500 1,100,925 0.13Ashford Hospitality Trust 97,250 1,081,420 0.13Blackstone Mortgage Trust ‘A’ 28,180 706,473 0.09CBL & Associates Properties 23,050 495,806 0.06PS Business Parks 6,792 486,307 0.06Cole Real Estate Investment 39,270 441,002 0.05Acadia Realty Trust 15,356 379,600 0.05National Retail Properties 7,290 248,953 0.03Terreno Realty 12,570 223,746 0.03Retail Opportunity Investments 12,131 166,559 0.02Winthrop Realty Trust 7,920 94,961 0.01Sovran Self Storage 421 27,192 0.00


Japan Mitsubishi Estate 1,306,000 34,659,748 4.23Mitsui Fudosan 951,000 27,859,277 3.40Sumitomo Realty & Development 666,000 26,474,295 3.23Nippon Building Fund 513 5,910,687 0.72Japan Real Estate Investment 464 5,158,384 0.63Nippon Prologis REIT 382 3,300,067 0.40Tokyo Tatemono 347,000 2,877,031 0.35Activia Properties 334 2,619,653 0.32Japan Retail Fund Investment 792 1,651,305 0.20GLP J-REIT 1,504 1,470,782 0.18United Urban Investment 820 1,108,253 0.13Nomura Real Estate Master Fund 733 728,006 0.09Tokyu Land 77,000 703,913 0.09Nomura Real Estate Holdings 26,900 593,598 0.07NTT Urban Development 472 577,749 0.07Nippon Accommodations Fund 63 412,280 0.05Nomura Real Estate Office Fund 72 315,492 0.04


INVESTMENT AIM

To seek to provide current income and long term capital appreciation, measured in US dollars, primarily through investment in the equity securities of companies in the real estate industry located throughout the world.




value% of net

assets



United Kingdom Land Securities Group 1,657,040 22,285,823 2.72British Land 2,189,228 18,961,627 2.31Hammerson 2,008,388 14,773,640 1.80LXB Retail Properties (Jersey) (2) 3,772,783 6,651,123 0.81Derwent London 186,724 6,511,157 0.80Great Portland Estates 753,090 6,015,193 0.73Intu Properties 1,168,515 5,509,336 0.67Safestore Holdings 2,659,200 5,026,791 0.61Unite Group 873,586 4,771,375 0.58Segro 924,940 3,930,320 0.48ST Modwen Properties 903,782 3,641,037 0.45Quintain Estates & Development 2,891,598 3,431,436 0.42Capital & Counties Properties 554,841 2,733,309 0.33Shaftesbury 301,830 2,720,785 0.33Capital & Regional 4,275,992 2,163,727 0.27Grainger 758,016 1,666,440 0.20Londonmetric Property 812,264 1,293,316 0.16Big Yellow Group 151,172 883,633 0.11


Hong Kong Sun Hung Kai Properties 2,590,514 33,117,076 4.04Hongkong Land Holdings (Bermuda) (2) 1,996,000 13,674,536 1.67Wharf Holdings 1,395,777 11,615,767 1.42Link REIT 1,618,500 7,902,355 0.96Hysan Development 1,504,808 6,465,735 0.79Kerry Properties (Bermuda) (2) 1,514,911 5,891,713 0.72New World Development 3,580,965 4,898,500 0.60Swire Properties 1,364,950 4,010,478 0.49Sino Land 2,730,818 3,807,074 0.46Hang Lung Properties 1,077,189 3,720,748 0.45Henderson Land Development 507,589 3,007,273 0.37


France Unibail-Rodamco 180,933 41,882,320 5.11Klepierre 154,830 6,139,101 0.75Mercialys 299,924 5,717,462 0.70ICADE 66,779 5,509,708 0.67Gecina 43,411 4,847,052 0.59Foncière des Regions 51,569 3,891,258 0.47SILIC (Société Immobilière de Location pour l’Industrie et le Commerce) 12,843 1,321,026 0.16Altarea 6,437 1,040,886 0.13Société de la Tour Eiffel 15,710 929,760 0.11


Australia Westfield 1,818,161 19,000,107 2.32Westfield Retail Trust 2,758,650 7,797,638 0.95Goodman Group 1,607,910 7,141,003 0.87GPT Group 1,618,567 5,675,101 0.69Mirvac Group 3,225,877 4,717,137 0.58Dexus Property 4,208,335 4,099,759 0.50Stockland 1,192,177 3,782,831 0.46Federation Centres 1,270,465 2,748,653 0.33Commonwealth Property Office Fund 1,325,941 1,333,508 0.16Investa Office Fund 460,271 1,222,123 0.15CFS Retail Property Trust 474,643 867,010 0.11





value% of net

assets


value% of net

assets

Singapore Global Logistic Properties 2,813,000 6,064,628 0.74CapitaLand 2,156,000 5,204,625 0.63CapitaMalls Asia 1,729,000 2,475,376 0.30CapitaMall Trust 1,466,000 2,293,133 0.28City Developments 249,000 2,092,413 0.26Suntec Real Estate Investment Trust 1,383,000 1,715,255 0.21Mapletree Commercial Trust 1,378,000 1,280,464 0.16Keppel REIT 1,204,000 1,223,871 0.15Ascendas Real Estate Investment Trust 655,000 1,149,637 0.14UOL Group 197,000 1,042,080 0.13CapitaCommercial Trust 789,000 906,640 0.11Keppel Land 259,000 679,745 0.08Mapletree Greater China Commercial Trust 773,000 574,178 0.07


Switzerland PSP Swiss Property Regd 143,490 12,277,089 1.50Swiss Prime Site Regd 57,092 4,183,538 0.51Mobimo Holding Regd 7,761 1,577,907 0.19


China China Resources Land (Cayman Islands) (2) 1,719,000 4,659,325 0.57China Overseas Land & Investment (Hong Kong) (2) 1,508,000 3,915,196 0.48Guangzhou R&F Properties ‘H’ 1,871,600 2,677,573 0.33Country Garden Holdings (Cayman Islands) (2) 4,835,990 2,510,346 0.30Shimao Property Holdings (Cayman Islands) (2) 1,038,500 2,038,463 0.25Agile Property Holdings (Cayman Islands) (2) 1,154,000 1,229,212 0.15


Germany LEG Immobilien 127,703 6,675,067 0.81Deutsche Euroshop 65,741 2,607,955 0.32Alstria Office REIT 187,194 2,044,013 0.25Prime Office REIT 429,639 1,999,131 0.24Deutsche Wohnen ‘Bearer’ 97,491 1,652,048 0.20GSW Immobilien 35,100 1,356,062 0.17


Netherlands Corio 202,340 8,066,403 0.98Eurocommercial Properties ‘CVA’ 110,574 4,038,535 0.49Wereldhave 37,269 2,427,365 0.30Vastned Retail 36,937 1,508,853 0.19


Sweden Hufvudstaden ‘A’ 651,550 7,787,535 0.95Castellum 270,810 3,654,461 0.44Atrium Ljungberg ‘B’ 199,896 2,519,650 0.31


Canada RioCan Real Estate Investment Trust 231,296 5,491,130 0.67Boardwalk Real Estate Investment Trust 36,850 2,052,049 0.25Brookfield Canada Office Properties 40,168 1,004,410 0.12First Capital Realty 37,400 631,168 0.08Calloway Real Estate Investment Trust 26,102 627,870 0.08Crombie Real Estate Investment Trust 40,500 523,684 0.06Canadian Apartment Properties REIT 13,108 279,164 0.04Extendicare 28,140 175,510 0.02






FinlandSponda 679,045 3,194,137 0.39Citycon 87,859 274,755 0.03


Italy Beni Stabili 5,251,869 3,277,911 0.40


Norway Norwegian Property 2,519,050 3,175,181 0.39


Brazil BR Malls Participaçoes 170,500 1,511,487 0.18Iguatemi Empresa de Shopping Centers 78,200 784,951 0.10BR Properties 83,000 702,979 0.09


Austria Atrium European Real Estate (Jersey) (2) 502,815 2,620,037 0.32


Belgium Befimmo 9,055 574,953 0.07Cofinimmo 5,083 557,740 0.06


India Religare Health Trust (Singapore) (2) 715,000 477,596 0.05



Mutual Fund







value% of net

assets



value% of net

assets Equities

Malta BGP Holdings (Australia) (2) 3,475,560 0 0.00

Total for Malta 0.00




DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets



EUR Hedged Share Class05/07/2013 6,160,603 EUR 8,064,493 USD J.P. Morgan (37,100) 0.00

Total Unrealised Loss on Forward Foreign Currency Exchange Contracts (37,100) 0.00

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (37,085) 0.00

Total Derivatives (37,085) 0.00







* Please refer to Significant Accounting Policies note 2(k).

Indian Equity Fund

Commercial Banks HDFC Bank 646,398 7,265,371 5.93 ICICI Bank 279,754 5,021,301 4.10 IndusInd Bank 525,405 4,114,145 3.36 Jammu & Kashmir Bank 118,700 2,441,915 1.99 ING Vysya Bank (3) 213,638 2,210,774 1.81 State Bank of India 51,100 1,675,501 1.37

Total for Commercial Banks 18.56

IT Services Infosys 150,376 6,308,895 5.15 Wipro 830,933 4,876,231 3.98 Tata Consultancy Services 171,773 4,377,178 3.58

Total for IT Services 12.71

Oil, Gas & Consumable Fuels Reliance Industries 338,193 4,886,130 3.99 Oil India 333,308 3,215,874 2.62 Bharat Petroleum 297,814 1,834,284 1.50

Total for Oil, Gas & Consumable Fuels 8.11

Thrifts & Mortgage Finance Housing Development Finance 646,892 9,543,809 7.79

Total for Thrifts & Mortgage Finance 7.79

Media Zee Entertainment Enterprises 1,370,693 5,407,993 4.42 D.B. 492,879 1,972,291 1.61 Dish TV India 746,800 760,334 0.62 Eros International Media 167,688 359,489 0.29

Total for Media 6.94

Pharmaceuticals Glenmark Pharmaceuticals 625,393 5,755,520 4.70 Ipca Laboratories 240,200 2,632,766 2.15

Total for Pharmaceuticals 6.85

Construction Materials Madras Cements 792,206 3,027,481 2.47 ACC 98,812 2,026,942 1.65 Shree Cement 16,875 1,318,250 1.08

Total for Construction Materials 5.20

Tobacco ITC 1,014,065 5,523,305 4.51

Total for Tobacco 4.51

Personal Products Emami 501,679 4,032,010 3.29

Total for Personal Products 3.29

INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, by investment directly (subject to the Fund’s obtaining applicable regulatory approval as the case may be) or through Morgan Stanley SICAV (Mauritius) Limited (the “Subsidiary”), primarily in the equity securities of companies domiciled or exercising the predominant part of their economic activity in India.


The investments listed are those of the Subsidiary.*



value% of net

assets


Indian Equity Fund


The investments listed are those of the Subsidiary.



value% of net

assets Diversified Financial Services IDFC 1,157,830 2,474,790 2.02 Power Finance 409,555 986,532 0.81

Total for Diversified Financial Services 2.83

Machinery Eicher Motors 38,959 2,142,273 1.75 Cummins India 171,294 1,307,669 1.07

Total for Machinery 2.82

Chemicals Berger Paints India 384,520 1,479,971 1.21 Coromandel International 380,667 1,169,776 0.95

Total for Chemicals 2.16

Wireless Telecommunication Services Idea Cellular 1,115,809 2,649,509 2.16

Total for Wireless Telecommunication Services 2.16

Real Estate Management & Development Sobha Developers 348,568 2,052,246 1.68

Total for Real Estate Management & Development 1.68

Hotels, Restaurants & Leisure Mahindra Holidays & Resorts India 314,926 1,298,197 1.06 Speciality Restaurants 275,380 709,864 0.58

Total for Hotels, Restaurants & Leisure 1.64

Consumer Finance Cholamandalam Investment and Finance 467,173 1,879,903 1.54

Total for Consumer Finance 1.54

Industry Power Producers & Energy Traders NTPC 775,300 1,869,580 1.53

Total for Industry Power Producers & Energy Traders 1.53

Electronic Equipment, Instruments & Components Redington India 1,416,557 1,705,067 1.39

Total for Electronic Equipment, Instruments & Components 1.39

Metals & Mining Tata Steel 363,881 1,658,995 1.35

Total for Metals & Mining 1.35

Automobiles Tata Motors ‘A’ 698,496 1,639,943 1.34

Total for Automobiles 1.34

Food Products McLeod Russel India 317,129 1,532,896 1.25

Total for Food Products 1.25

Construction & Engineering Larsen & Toubro 62,591 1,470,945 1.20

Total for Construction & Engineering 1.20

Auto Components Bosch 6,996 1,060,600 0.88

Total for Auto Components 0.88




(3) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial Statements.


value% of net

assets



Automobiles Toyota Motor 108,260 646,001 7.05 Yamaha Motor 282,600 361,321 3.94 Nissan Motor 264,000 264,112 2.88 Honda Motor 71,500 262,406 2.87


Commercial Banks Sumitomo Mitsui Financial Group 105,140 476,378 5.20 Sumitomo Mitsui Trust Holdings 925,180 426,592 4.65 Mizuho Financial Group 1,868,740 383,749 4.19

Total for Commercial Banks 14.04

Insurance T&D Holdings 293,330 390,031 4.25 Dai-ichi Life Insurance 2,490 355,399 3.88

Total for Insurance 8.13

Capital Markets Daiwa Securities Group 452,600 374,959 4.09 Nomura Holdings 427,580 310,979 3.39

Total for Capital Markets 7.48

Real Estate Management & Development Mitsubishi Estate 135,600 356,538 3.89 Mitsui Fudosan 73,000 211,873 2.31

Total for Real Estate Management & Development 6.20

Marine Mitsui OSK Lines 822,400 317,116 3.46 Nippon Yusen 692,800 181,594 1.98

Total for Marine 5.44

Machinery Sumitomo Heavy Industries 510,000 212,466 2.32 NSK 88,000 83,080 0.91 Amada 61,000 39,803 0.43

Total for Machinery 3.66

Diversified Telecommunication Services Nippon Telegraph & Telephone 61,100 313,295 3.42

Total for Diversified Telecommunication Services 3.42

Specialty Retail K’s Holdings 97,300 305,921 3.34

Total for Specialty Retail 3.34

Airlines Japan Airlines 37,300 189,908 2.07 ANA Holdings 543,000 111,664 1.22

Total for Airlines 3.29


Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market. As at 30 June 2013, expressed in Yen.

Investments Holdings

Market value

(JPY000’s)% of net

assets

Japanese Equity Fund

INVESTMENT AIM

To seek long-term capital appreciation, measured in Yen, through investment primarily in the equity securities of companies domiciled in or exercising the predominant part of their economic activity in Japan and which are listed on any exchanges or over-the-counter markets.




Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market. As at 30 June 2013, expressed in Yen.


Market value


assets Electric Utilities Kyushu Electric Power 193,800 289,174 3.16

Total for Electric Utilities 3.16

Semiconductors & Semiconductor Equipment Tokyo Electron 45,080 225,485 2.46 Disco 8,300 56,688 0.62

Total for Semiconductors & Semiconductor Equipment 3.08

Chemicals Teijin 973,000 211,436 2.31 JSR 29,500 58,975 0.64


Auto Components Toyota Industries 51,720 209,201 2.28

Total for Auto Components 2.28

Electronic Equipment, Instruments & Components Hitachi 240,000 152,237 1.66 TDK 15,060 51,412 0.56

Total for Electronic Equipment, Instruments & Components 2.22

Building Products Asahi Glass 182,000 117,254 1.28 Daikin Industries 17,960 71,716 0.78

Total for Building Products 2.06

Road & Rail East Japan Railway 24,400 187,614 2.05

Total for Road & Rail 2.05

Software Nintendo 15,000 175,060 1.91

Total for Software 1.91

Office Electronics Canon 53,500 172,565 1.88

Total for Office Electronics 1.88

Wireless Telecommunication Services NTT DoCoMo 909 139,834 1.53

Total for Wireless Telecommunication Services 1.53

Metals & Mining Nippon Steel & Sumitomo Metal 454,200 121,258 1.32

Total for Metals & Mining 1.32

Media Fuji Media Holdings 499 99,492 1.09


Household Durables Sekisui House 41,000 58,564 0.64

Total for Household Durables 0.64

Electrical Equipment Sumitomo Electric Industries 35,700 42,179 0.46

Total for Electrical Equipment 0.46


DERIVATIVES

Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2013, expressed in Yen.


Maturity date

Amount bought Ccy


Unrealised gain/(loss) (JPY000’s)

% of net assets

EUR Hedged Share Class05/07/2013 2,606,379 EUR 333,514,371 JPY J.P. Morgan 2,961 0.03


EUR Hedged Share Class 05/07/2013 122,930,663 JPY 967,083 EUR J.P. Morgan (1,917) (0.02)







Market value


assets



Latin American Equity Fund

Equities

BrazilBRF 1,648,376 35,291,659 5.75Companhia de Bebidas das Americas ADR Pfd 850,219 31,118,015 5.07Itau Unibanco Holding Pfd 2,107,930 26,803,747 4.36Petroleo Brasileiro Pfd 3,193,020 23,227,442 3.78Ultrapar Participacoes 834,000 19,853,217 3.23Banco Bradesco Pfd 1,460,913 18,484,593 3.01Banco Bradesco ADR Pfd 1,389,530 17,702,612 2.88Companhia de Concessoes Rodoviarias 1,675,700 13,304,106 2.17Petroleo Brasileiro 1,756,296 11,639,722 1.90Vale Pfd ‘A’ 909,988 10,867,847 1.77Raia Drogasil 964,500 9,308,708 1.52Petroleo Brasileiro ADR Pfd 612,452 8,954,048 1.46Petroleo Brasileiro ADR 649,900 8,676,165 1.41BR Malls Participaçoes 934,900 8,287,912 1.35Mills Estruturas e Servicos de Engenharia 589,200 7,883,886 1.28Vale 593,024 7,588,661 1.24Vale ADR Pfd 549,898 6,560,283 1.07Vale ADR 475,805 6,123,610 1.00Iochpe-Maxion 540,000 5,835,280 0.95Diagnosticos da America 1,123,600 5,780,563 0.94Itau Unibanco Holding ADR Pfd 410,863 5,217,960 0.85Grupo BTG Pactual 428,900 5,191,663 0.84Companhia de Bebidas das Americas Pfd 126,776 4,633,339 0.75PDG Realty - Empreendimentos e Participacoes 4,267,044 4,083,754 0.66Gerdau ADR Pfd 716,200 4,053,692 0.66Brasil Pharma 601,800 2,847,301 0.46Gerdau Pfd 204,500 1,154,080 0.19


Mexico Cemex ADR ‘CPO’ ‘A&B’ 2,349,565 24,529,459 3.99Fomento Economico Mexicano ADR 226,095 22,557,498 3.67Wal-Mart de Mexico ‘V’ 8,106,902 22,232,748 3.62Grupo Financiero Banorte ‘O’ 3,377,934 19,668,166 3.20Alfa ‘A’ 7,543,800 17,628,421 2.87Mexichem 4,086,821 16,677,589 2.72Grupo Financiero Santander Mexico ‘B’ ADR 774,800 10,661,248 1.74Arca Continental 1,043,624 7,971,580 1.30Banregio Grupo Financiero 1,397,677 7,094,888 1.15Promotora y Operadora de Infraestructura 729,200 6,567,563 1.07El Puerto de Liverpool 504,100 5,657,719 0.92Concentradora Fibra Hotelera Mexicana 2,881,500 5,385,272 0.88


Chile SACI Falabella 1,778,645 19,422,488 3.16Sociedad Quimica y Minera de Chile ADR 305,647 12,262,558 2.00Empresa Nacional de Electricidad 7,295,294 10,593,068 1.72CorpBanca 525,537,937 5,938,346 0.97CFR Pharmaceuticals 20,573,669 4,654,325 0.76Parque Arauco 1,491,603 3,084,456 0.50Sociedad Matriz SAAM 28,552,674 2,921,558 0.48


Colombia Grupo de Inversiones Suramericana Pfd 682,800 13,059,866 2.13Cemex Latam Holdings (Spain) (2) 1,394,731 9,190,480 1.50Pacific Rubiales Energy (Canada) (2) 338,225 6,010,867 0.98Grupo de Inversiones Suramericana 98,500 1,810,639 0.29


INVESTMENT AIM

To seek to maximise total return, measured in US dollars, through investment primarily in the common shares of companies incorporated in Latin American countries.




value% of net

assets


Latin American Equity Fund




value% of net

assets

Panama Copa Holdings ‘A’ 162,403 21,476,173 3.50



Total for Peru 3.48


Mutual Fund





Equities

Brazil Lojas Arapua Pfd 58,205,100 0 0.00Banco Nacional Pfd 2,698,000 0 0.00











US Advantage Fund

Equities

Internet Software & Services Google ‘A’ 312,885 273,630,448 7.55 Facebook ‘A’ 8,001,935 195,407,253 5.39 eBay 994,941 51,259,360 1.42

Total for Internet Software & Services 14.36

Food ProductsMead Johnson Nutrition 1,535,880 120,566,580 3.33 Nestlé ADR Regd (Switzerland) (2) 1,355,174 88,601,276 2.45 McCormick & Co non-vtg 1,206,233 84,086,502 2.32 Mondelez International ‘A’ 1,734,865 50,154,947 1.38

Total for Food Products 9.48

Textiles, Apparel & Luxury GoodsChristian Dior 778,832 126,954,714 3.51 Coach 1,725,425 97,797,089 2.70 Carter’s 759,148 55,804,969 1.54 Burberry Group (United Kingdom) (2) 2,216,445 45,118,690 1.24

Total for Textiles, Apparel & Luxury Goods 8.99

InsuranceProgressive 5,364,833 134,550,012 3.71 Berkshire Hathaway ‘B’ 846,984 94,752,100 2.62 Arch Capital Group (Bermuda) (2) 1,050,194 53,801,439 1.48


Internet & Catalog RetailAmazon.com 946,643 263,517,012 7.27

Total for Internet & Catalog Retail 7.27

IT ServicesVisa ‘A’ 747,325 136,469,018 3.76 Mastercard ‘A’ 219,815 124,635,105 3.44

Total for IT Services 7.20

Hotels, Restaurants & LeisureStarbucks 2,208,777 145,072,473 4.00 Dunkin’ Brands Group 1,287,321 55,135,958 1.52 Panera Bread ‘A’ 295,914 54,717,458 1.51

Total for Hotels, Restaurants & Leisure 7.03

Diversified Financial ServicesCME Group ‘A’ 722,115 54,887,961 1.51 McGraw Hill Financial 958,559 50,784,456 1.40 MSCI 1,299,551 42,677,255 1.18 Eurazeo (France) (2) 574,251 30,801,908 0.85


BeveragesPepsiCo 1,104,966 90,275,722 2.49 Monster Beverage 1,044,958 63,052,766 1.74

Total for Beverages 4.23

INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, by investing primarily in securities issued by US companies and on ancillary basis in securities issued by companies that are not from the US.




value% of net

assets


US Advantage Fund




value% of net

assets

Commercial Services & SuppliesEdenred (France) (2) 3,767,522 115,118,834 3.18

Total for Commercial Services & Supplies 3.18

Communications EquipmentMotorola Solutions 1,985,405 114,200,496 3.15

Total for Communications Equipment 3.15

PharmaceuticalsValeant Pharmaceuticals International (Canada) (2) 686,002 58,413,070 1.61 Abbott Laboratories 1,518,869 53,509,755 1.48


Oil, Gas & Consumable FuelsPhillips 66 970,573 57,234,690 1.58 Range Resources 701,383 54,420,307 1.50

Total for Oil, Gas & Consumable Fuels 3.08

Professional ServicesVerisk Analytics ‘A’ 988,978 58,646,395 1.62 Intertek Group (United Kingdom) 1,136,026 50,804,847 1.40

Total for Professional Services 3.02

Multiline RetailDollar Tree 1,940,124 97,530,033 2.69

Total for Multiline Retail 2.69

Computers & PeripheralsApple 249,047 97,345,001 2.69

Total for Computers & Peripherals 2.69

Life Sciences Tools & ServicesThermo Fisher Scientific 1,066,092 90,660,464 2.50

Total for Life Sciences Tools & Services 2.50

Capital MarketsBlackRock 342,328 88,303,508 2.44

Total for Capital Markets 2.44

TobaccoPhilip Morris International 652,849 57,045,946 1.57

Total for Tobacco 1.57


Mutual Fund




DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets



EUR Hedged Share Class05/07/2013 633,566,806 EUR 829,346,762 USD J.P. Morgan (3,796,116) (0.10)






(2) The country in brackets represents the country of incorporation of this security. (4) Managed by an affiliate of the Investment Adviser.


value% of net

assets




US Growth Fund

Equities

Computer Services Software & SystemsGoogle ‘A’ 85,846 75,075,761 7.67 Facebook ‘A’ 2,107,727 51,470,693 5.26 Salesforce.com 510,817 19,380,397 1.98 LinkedIn ‘A’ 82,249 14,623,050 1.50 Baidu ADR (Cayman Islands) (2) 106,851 9,915,773 1.01 Workday ‘A’ 142,461 9,036,301 0.92

Total for Computer Services Software & Systems 18.34

Diversified RetailAmazon.com 263,827 73,441,522 7.50 Priceline.com 42,988 35,374,825 3.61 Groupon 2,535,933 21,098,963 2.16 Netflix 21,588 4,588,745 0.47

Total for Diversified Retail 13.74

Consumer LendingVisa ‘A’ 197,953 36,148,197 3.69 Mastercard ‘A’ 58,182 32,989,194 3.37 CME Group ‘A’ 212,215 16,130,462 1.65 Berkshire Hathaway ‘B’ 137,865 15,422,958 1.58

Total for Consumer Lending 10.29

PharmaceuticalsValeant Pharmaceuticals International (Canada) (2) 325,498 27,716,155 2.83 Mead Johnson Nutrition 300,656 23,601,496 2.41


Textiles, Apparel & ShoesCoach 395,106 22,394,608 2.29 Christian Dior (France) (2) 125,012 20,377,774 2.08

Total for Textiles, Apparel & Shoes 4.37

Computer TechnologyApple 67,388 26,339,948 2.69 Yandex ‘A’ (Netherlands) (2) 375,269 10,248,596 1.05

Total for Computer Technology 3.74

Insurance: Property-CasualtyProgressive 888,611 22,286,364 2.28 Arch Capital Group (Bermuda) (2) 252,464 12,933,731 1.32

Total for Insurance: Property-Casualty 3.60

Communications Technology Motorola Solutions 562,554 32,358,106 3.31

Total for Communications Technology 3.31

BiotechnologyIllumina 417,771 31,495,756 3.22

Total for Biotechnology 3.22

INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, by investing primarily in securities issued by US companies and on ancillary basis in securities issued by companies that are not from the US.




value% of net

assets


US Growth Fund




value% of net

assets


value% of net

assets

Recreational Vehicles & BoatsEdenred (France) (2) 962,895 29,421,819 3.01

Total for Recreational Vehicles & Boats 3.01

Medical EquipmentIntuitive Surgical 53,421 26,867,558 2.75

Total for Medical Equipment 2.75

Chemicals - DiversifiedMonsanto 262,327 25,894,298 2.65

Total for Chemicals - Diversified 2.65

RestaurantsStarbucks 392,102 25,753,259 2.63

Total for Restaurants 2.63

Diversified MediaNaspers ‘N’ (South Africa) (2) 186,640 13,234,886 1.35 McGraw Hill Financial 233,162 12,352,923 1.26

Total for Diversified Media 2.61

Financial Data & SystemsVerisk Analytics ‘A’ 234,909 13,930,104 1.42 MSCI 307,173 10,087,561 1.03

Total for Financial Data & Systems 2.45

Asset Management & CustodianBlackRock 90,381 23,313,779 2.38

Total for Asset Management & Custodian 2.38

AutomobilesTesla Motors 207,618 22,391,601 2.29


Semiconductors & ComponentsFirst Solar 334,150 14,859,650 1.52 ARM Holdings ADR (United Kingdom) (2) 94,921 3,430,445 0.35

Total for Semiconductors & Components 1.87

Alternative EnergyRange Resources 167,063 12,962,418 1.32

Total for Alternative Energy 1.32

Commercial ServicesIntertek Group (United Kingdom) (2) 252,972 11,313,301 1.16

Total for Commercial Services 1.16

FinancialsAmerican International Group 234,032 10,330,172 1.06

Total for Financials 1.06

Cable Television ServicesCharter Communications ‘A’ 41,394 5,152,725 0.53

Total for Cable Television Services 0.53

Drug & Grocery Store ChainsWhole Foods Market 95,866 4,940,934 0.50

Total for Drug & Grocery Store Chains 0.50

Health Careathenahealth 56,388 4,886,020 0.50

Total for Health Care 0.50

Radio & TV BroadcastersSirius XM Radio 1,403,508 4,764,910 0.48

Total for Radio & TV Broadcasters 0.48


Mutual Fund




DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

EUR Hedged Share Class05/07/2013 444,901 USD 340,425 EUR J.P. Morgan 1,321 0.00













US Property Fund

INVESTMENT AIM

To seek to provide long-term capital appreciation, measured in US dollars, by investing in equity securities of companies in the US real estate industry.




value% of net

assets Equities

Regional MallsSimon Property Group 367,363 58,315,203 9.84 General Growth Properties 1,905,211 37,856,543 6.39 Macerich 367,911 22,262,295 3.75 Taubman Centers 68,865 5,177,271 0.87 CBL & Associates Properties 54,540 1,173,155 0.20

Total for Regional Malls 21.05

ApartmentsEquity Residential 1,014,604 58,999,223 9.95 AvalonBay Communities 212,945 28,792,293 4.86 Camden Property Trust 196,628 13,673,511 2.31 Essex Property Trust 25,260 4,043,621 0.68 Apartment Investment & Management ‘A’ 100,114 2,986,401 0.50 American Campus Communities 64,420 2,636,711 0.45 UDR 62,150 1,574,881 0.27

Total for Apartments 19.02

Health CareHCP 631,918 28,670,120 4.83 Ventas 187,630 12,980,243 2.19 Senior Housing Properties Trust 475,232 12,279,995 2.07 Healthcare Realty Trust 347,450 8,807,857 1.49 Health Care REIT 73,610 4,906,843 0.83


DiversifiedVornado Realty Trust 455,852 37,616,907 6.35 Forest City Enterprises ‘A’ 802,135 14,237,896 2.40 Digital Realty Trust 148,240 8,964,073 1.51 Cousins Properties 331,501 3,331,585 0.56 Winthrop Realty Trust 76,770 920,472 0.16 Lexington Realty Trust 2,310 26,819 0.00

Total for Diversified 10.98

Lodging/ResortsHost Hotels & Resorts 2,345,870 39,269,864 6.63 Starwood Hotels & Resorts Worldwide 242,963 15,423,291 2.60 Ashford Hospitality Trust 202,760 2,254,691 0.38

Total for Lodging/Resorts 9.61

OfficeBoston Properties 267,243 28,239,568 4.77 Mack-Cali Realty 440,562 10,824,608 1.83 Alexandria Real Estate Equities 109,780 7,192,786 1.21 Hudson Pacific Properties 163,760 3,434,047 0.58 Brookfield Office Properties (Canada) (2) 169,420 2,798,818 0.47

Total for Office 8.86

Shopping CentersRegency Centers 466,529 23,419,756 3.95 Federal Realty Investment Trust 56,675 5,812,588 0.98 DDR 269,200 4,444,492 0.75 Retail Opportunity Investments 64,218 881,713 0.15 Acadia Realty Trust 35,114 868,018 0.15

Total for Shopping Centers 5.98


US Property Fund




value% of net

assets

Self StoragePublic Storage 189,805 28,795,316 4.86

Total for Self Storage 4.86

IndustrialProLogis 362,387 13,632,999 2.30 DCT Industrial Trust 1,138,750 8,142,062 1.37 Terreno Realty 26,240 467,072 0.08

Total for Industrial 3.75

Manufactured HomeEquity Lifestyle Properties 145,704 11,364,912 1.92

Total for Manufactured Home 1.92

Mixed Industrial/OfficeDuke Realty 370,710 5,783,076 0.98 PS Business Parks 29,810 2,134,396 0.36

Total for Mixed Industrial/Office 1.34

Commercial FinancingBlackstone Mortgage Trust ‘A’ 69,440 1,740,861 0.29

Total for Commercial Financing 0.29

Real Estate Investment Trusts (REITs)Cole Real Estate Investment 132,600 1,489,098 0.25

Total for Real Estate Investment Trusts (REITs) 0.25

Free StandingNational Retail Properties 22,060 753,349 0.12

Total for Free Standing 0.12


Mutual Fund










Emerging Markets Corporate Debt Fund

Bonds

China China Oil & Gas Group co gtd RegS 5.25% /2018 (Bermuda) (1) (2) 4,500,000 4,455,000 1.07 Sinochem Global Capital co gtd RegS 5% perpetual (Hong Kong) (2) (5) 4,500,000 4,230,000 1.01 Greentown China Holdings co gtd 8.5% /2018 (Cayman Islands) (1) (2) 4,000,000 3,878,676 0.93 Parkson Retail Group sr unsecur 4.5% /2018 (Cayman Islands) (2) 3,500,000 3,233,160 0.78 China Shanshui Cement Group co gtd RegS 10.5% /2017 (Cayman Islands) (2) 3,000,000 3,122,880 0.75 Sunac China Holdings co gtd 9.375% /2018 (Cayman Islands) (2) 3,000,000 2,849,736 0.68 Country Garden Holdings co gtd RegS 11.125% /2018 (Cayman Islands) (2) 2,245,000 2,442,302 0.59 Kaisa Group Holdings co gtd RegS 8.875% /2018 (Cayman Islands) (2) 2,500,000 2,418,750 0.58 Yingde Gases Investment co gtd RegS 8.125% /2018 (British Virgin Islands) (2) 2,500,000 2,375,000 0.57 Central China Real Estate sr unsecur SerEMTN 6.5% /2018 (Cayman Islands) (2) 2,500,000 2,266,612 0.54 CITIC Pacific sr unsecur RegS 6.8% /2023 (Hong Kong) (2) 2,400,000 2,149,802 0.52 CITIC Pacific subord RegS 8.625% perpetual (Hong Kong) (2) (5) 2,000,000 1,889,846 0.45 Texhong Textile Group co gtd 6.5% /2019 (Cayman Islands) (2) 2,000,000 1,880,714 0.45 Kaisa Group Holdings co gtd RegS 10.25% /2020 (Cayman Islands) (2) 2,000,000 1,854,040 0.45 CNOOC Finance 2013 co gtd 3% /2023 (British Virgin Islands) (2) 2,000,000 1,799,424 0.43 Texhong Textile Group co gtd RegS 7.625% /2016 (Cayman Islands) (1) (2) 1,700,000 1,701,827 0.41 KWG Property Holding co gtd 13.25% /2017 (Cayman Islands) (2) 1,500,000 1,642,327 0.39 Sound Global sr unsecur 11.875% /2017 (Singapore) (2) 1,425,000 1,496,615 0.36 KWG Property Holding co gtd RegS 8.625% /2020 (Cayman Islands) (1) (2) 1,500,000 1,352,353 0.32 CITIC Pacific sr unsecur SerEMTN 6.375% /2020 (Hong Kong) (2) 1,100,000 1,005,168 0.24 Country Garden Holdings co gtd RegS 7.5% /2023 (Cayman Islands) (2) 1,000,000 916,825 0.22


MexicoTenedora Nemak sr unsecur RegS 5.5% /2023 5,770,000 5,510,350 1.32 Cemex sr secured RegS 9.5% /2018 4,406,000 4,769,495 1.14 Fomento Economico Mexicano sr unsecur 2.875% /2023 5,000,000 4,539,400 1.09 Cemex sr secured RegS 9% /2018 3,834,000 4,044,870 0.97 Alpek sr unsecur RegS 4.5% /2022 4,000,000 3,870,000 0.93 Sigma Alimentos co gtd RegS 5.625% /2018 3,500,000 3,762,500 0.90 BBVA Bancomer subord RegS 6.5% /2021 3,500,000 3,692,500 0.89 Mexichem sr unsecur RegS 4.875% /2022 3,000,000 2,985,000 0.72 Metalsa co gtd RegS 4.9% /2023 3,000,000 2,895,000 0.69 Mexico Generadora de Energia sr secured RegS 5.5% /2032 3,000,000 2,827,500 0.68 Axtel sr secured RegS step cpn 7% /2020 2,500,000 2,352,975 0.56


Russia Metalloinvest Finance local govt gtd RegS 5.625% /2020 (Ireland) (1) (2) 4,500,000 4,117,500 0.99

INVESTMENT AIM

To seek to maximize total return, measured in US dollars, primarily through investments across the credit spectrum of debt securities of corporate issuers, together with investing in debt securities of government and government related issuers located in emerging markets. The Fund intends to invest its assets in emerging market corporate debt securities that provide a high level of current income, while at the same time holding the potential for capital appreciation.



Investments

Nominal in US dollars

unless specifiedMarket

value% of net

assets





Investments



value% of net

assets

Investments



value% of net

assets

MTS International Funding sr unsecur RegS 5% /2023 (Ireland) (1) (2) 4,000,000 3,880,000 0.93 Sibur Securities co gtd RegS 3.914% /2018 (Ireland) (2) 3,500,000 3,272,500 0.79 TMK Via TMK Capital sr unsecur Ser144A priv plmt 6.75% /2020 (Luxembourg) (2) 3,500,000 3,246,250 0.78Nord Gold co gtd RegS 6.375% /2018 (Netherlands) (2) 3,500,000 3,018,750 0.72 Credit Bank of Moscow Via CBOM Finance subord Ser144A priv plmt 8.7% /2018 (Ireland) (2) 3,000,000 2,887,500 0.69 Sberbank of Russia Via SB Capital subord RegS 5.25% /2023 (Luxembourg) (1) (2) 3,000,000 2,812,500 0.67 Lukoil International Finance co gtd Ser144A priv plmt 4.563% /2023 (Netherlands) (2) 3,000,000 2,790,000 0.67 Russian Standard Finance subord Ser144A priv plmt 10.75% /2018 (Luxembourg) (2) 2,100,000 2,210,250 0.53 Severstal Via Steel Capital sr unsecur RegS 4.45% /2018 (Luxembourg) (1) (2) 2,000,000 1,900,000 0.46 Severstal Via Steel Capital sr unsecur RegS 5.9% /2022 (Luxembourg) (2) 2,000,000 1,850,000 0.44 Vimpel Communications Via VIP Finance Ireland sr unsecur RegS LPN 7.748% /2021 (Ireland) (2) 1,500,000 1,593,750 0.38 Sberbank of Russia Via SB Capital sr unsecur SerEMTN 5.4% /2017 (Luxembourg) (2) 1,500,000 1,575,000 0.38 Credit Bank of Moscow Via CBOM Finance subord RegS 8.7% /2018 (Ireland) (2) 1,500,000 1,443,750 0.35 Lukoil International Finance co gtd RegS 4.563% /2023 (Netherlands) (1) (2) 1,500,000 1,395,000 0.34 TMK Via TMK Capital sr unsecur RegS 6.75% /2020 (Luxembourg) (2) 1,500,000 1,391,250 0.33 EDC Finance co gtd RegS 4.875% /2020 (Ireland) (2) 1,200,000 1,086,000 0.26


United Arab Emirates Dubai Electricity & Water Authority sr unsecur RegS 7.375% /2020 4,250,000 4,769,244 1.14 DP World Sukuk unsecur RegS 6.25% /2017 (Cayman Islands) (2) 4,200,000 4,462,500 1.07 MAF Global Securities co gtd SerEMTN 5.25% /2019 (Cayman Islands) (1) (2) 4,000,000 4,072,520 0.98 Jafz Sukuk co gtd 7% /2019 (Cayman Islands) (2) 3,500,000 3,727,500 0.89 Axis Bank sr unsecur RegS 5.125% /2017 (India) (2) 3,500,000 3,571,242 0.86 Dolphin Energy sr secured RegS 5.5% /2021 3,000,000 3,234,690 0.78 Emaar Sukuk sr unsecur SerEMTN 6.4% /2019 (Cayman Islands) (1) (2) 3,000,000 3,075,000 0.74 Emirate of Dubai Government International Bonds sr unsecur SerEMTN 7.75% /2020 2,500,000 2,893,750 0.70 DEWA Sukuk 2013 sr unsecur RegS 3% /2018 (Cayman Islands) (2) 2,000,000 1,971,610 0.47 Abu Dhabi National Energy sr unsecur RegS 2.5% /2018 1,000,000 978,130 0.23


Brazil BRF sr unsecur Ser144A priv plmt 3.95% /2023 4,350,000 3,817,125 0.92 Schahin II Finance Co sr secured RegS 5.875% /2022 (Cayman Islands) (1) (2) 3,532,800 3,506,304 0.84 Odebrecht Finance co gtd RegS 5.125% /2022 (Cayman Islands) (2) 3,500,000 3,456,250 0.83 QGOG Constellation co gtd RegS 6.25% /2019 (Luxembourg) (2) 3,500,000 3,399,375 0.82

Globo Comunicacao e Participacoes sr unsecur RegS 4.875% /2022 3,000,000 3,045,000 0.73 Cosan Luxembourg co gtd RegS 5% /2023 (Luxembourg) (2) 3,000,000 2,857,500 0.68 Aralco Finance co gtd RegS 10.125% /2020 (Luxembourg) (2) 3,000,000 2,755,935 0.66 Gerdau Trade co gtd RegS 4.75% /2023 (British Virgin Islands) (2) 3,000,000 2,750,490 0.66 ESAL co gtd RegS 6.25% /2023 (Austria) (2) 2,500,000 2,295,850 0.55 ESAL co gtd Ser144A priv plmt 6.25% /2023 (Austria) (2) 1,500,000 1,376,250 0.33 Virgolino de Oliveira Finance co gtd RegS 11.75% /2022 (Luxembourg) (1) (2) 1,500,000 1,342,500 0.32


Peru Corp Lindley sr unsecur RegS 4.625% /2023 5,000,000 4,712,500 1.13 Southern Copper sr unsecur 5.25% /2042 (United States of America) (2) 5,500,000 4,547,229 1.09 Banco de Credito del Peru sr subord RegS 6.125% /2027 (5) 4,500,000 4,522,500 1.09 Ferreycorp co gtd RegS 4.875% /2020 4,500,000 4,230,000 1.01 Ajecorp co gtd RegS 6.5% /2022 (Netherlands) (2) 4,000,000 4,080,000 0.98 Corporacion Azucarera del Peru co gtd RegS 6.375% /2022 1,400,000 1,393,000 0.33

Total for Peru 5.63

Colombia Millicom International Cellular sr unsecur RegS 4.75% /2020 (Luxembourg) (2) 5,500,000 5,244,305 1.26 Banco Davivienda subord RegS 5.875% /2022 3,500,000 3,456,250 0.83 Bancolombia subord nts 5.125% /2022 3,500,000 3,351,250 0.80 Pacific Rubiales Energy sr unsecur RegS 5.125% /2023 (Canada) (2) 3,500,000 3,325,000 0.80 Pacific Rubiales Energy co gtd RegS 7.25% /2021 (Canada) (2) 3,000,000 3,195,000 0.77 Transportadora de Gas Internacional sr unsecur RegS 5.7% /2022 3,000,000 3,097,500 0.74


India Vedanta Resources sr unsecur RegS 9.5% /2018 (United Kingdom) (2) 4,140,000 4,547,314 1.09 Reliance Industries sr unsecur RegS 5.875% perpetual 4,500,000 3,937,500 0.95 ICICI Bank sr unsecur RegS 4.7% /2018 3,000,000 3,008,235 0.72 Vedanta Resources sr nts Ser144A priv plmt 6% /2019 (United Kingdom) (2) 2,500,000 2,425,000 0.58 Bharti Airtel International co gtd Ser144A priv plmt 5.125% /2023 (Netherlands) (2) 2,250,000 2,047,500 0.49 Bharti Airtel International co gtd RegS 5.125% /2023 (Netherlands) (2) 2,250,000 2,047,500 0.49 Bank of India sr unsecur Ser144A priv plmt 3.625% /2018 1,890,000 1,783,215 0.43 Vedanta Resources sr unsecur Ser144A priv plmt 7.125% /2023 (United Kingdom) (2) 1,820,000 1,715,350 0.41


Turkey KOC Holding sr unsecur RegS 3.5% /2020 3,500,000 3,049,655 0.73 Finansbank sr unsecur RegS 5.15% /2017 3,000,000 2,895,000 0.69 Turkiye Vakiflar Bankasi subord RegS 6% /2022 3,000,000 2,865,000 0.69 Arcelik sr unsecur RegS 5% /2023 3,000,000 2,700,000 0.65 Turkiye Is Bankasi sr unsecur Ser144A priv plmt 3.75% /2018 2,300,000 2,167,750 0.52 Turkiye Halk Bankasi sr unsecur RegS 3.875% /2020 2,000,000 1,810,000 0.43

Bonds (continued)

Brazil (continued)

Bonds (continued)

Russia (continued)



Investments



value% of net

assets

Ukraine DTEK Finance co gtd RegS 7.875% /2018 (United Kingdom) (2) 3,000,000 2,795,715 0.67 Ukraine Railways via Shortline secured Ser144A priv plmt 9.5% /2018 (United Kingdom) (2) 3,000,000 2,730,000 0.66 MHP co gtd RegS 8.25% /2020 (Luxembourg) (2) 3,000,000 2,680,485 0.64

Total for Ukraine 1.97

Kazakhstan Zhaikmunai co gtd RegS 7.125% /2019 (Isle of Man) (2) 5,000,000 5,037,500 1.21KazAgro National Management Holding sr unsecur Ser144A priv plmt 4.625% /2023 2,290,000 2,098,213 0.50

Total for Kazakhstan 1.71

Thailand PTT Global Chemical sr unsecur RegS 4.25% /2022 3,500,000 3,337,618 0.80 Thai Oil sr unsecur RegS 3.625% /2023 (1) 2,000,000 1,812,716 0.44 Thai Oil sr unsecur Ser144A priv plmt 3.625% /2023 1,151,000 1,046,368 0.25


Guatemala Central American Bottling co gtd Ser144A priv plmt 6.75% /2022 (British Virgin Islands) (2) 2,500,000 2,650,000 0.63 Central American Bottling co gtd RegS 6.75% /2022 (British Virgin Islands) (1) (2) 2,000,000 2,120,000 0.51

Total for Guatemala 1.14

Jamaica Digicel sr unsecur Ser144A priv plmt 6% /2021 (Bermuda) (2) 4,300,000 4,095,750 0.98

Total for Jamaica 0.98

Malaysia Malayan Banking subord SerEMTN 3.25% /2022 (5) 3,180,000 3,075,893 0.74


Venezuela Petroleos de Venezuela co gtd RegS 8.5% /2017 2,500,000 2,287,500 0.55

Total for Venezuela 0.55

El Salvador AES El Salvador Trust II co gtd RegS 6.75% /2023 (Panama) (1) (2) 2,000,000 1,959,520 0.47

Total for El Salvador 0.47

Macao Studio City Finance co gtd RegS 8.5% /2020 (British Virgin Islands) (2) 1,313,000 1,374,416 0.33

Total for Macao 0.33



Investments



value% of net

assets

Turkiye Is Bankasi subord RegS 6% /2022 1,720,000 1,672,700 0.40 Akbank sr unsecur RegS 5% /2022 1,690,000 1,590,713 0.38 Finansbank sr unsecur RegS 5.5% /2016 1,500,000 1,485,000 0.36


Chile SACI Falabella sr unsecur RegS 3.75% /2023 (1) 6,500,000 5,915,000 1.42CFR International co gtd RegS 5.125% /2022 (1) 3,500,000 3,456,250 0.83 Automotores Gildemeister co gtd RegS 6.75% /2023 (1) 4,000,000 3,440,000 0.83 Inversiones CMPC unsecur RegS 4.375% /2023 (1) 3,000,000 2,875,869 0.69 Corpbanca sr unsecur 3.125% /2018 3,000,000 2,850,000 0.68


Indonesia Star Energy Geothermal Wayang Windu sr secured RegS 6.125% /2020 (British Virgin Islands) (2) 4,000,000 3,770,000 0.90 Alam Synergy co gtd RegS 6.95% /2020 (Singapore) (2) 3,417,000 3,211,980 0.77 Indo Energy Finance sr secured RegS 6.375% /2023 (Netherlands) (2) 3,625,000 3,157,738 0.76 Ottawa Holdings Pte sr secured RegS 5.875% /2018 (Singapore) (2) 3,000,000 2,527,500 0.61 Listrindo Capital co gtd RegS 6.95% /2019 (Netherlands) (1) (2) 2,040,000 2,091,000 0.50


Hong Kong Metropolitan Light International co gtd SerEMTN 5.25% /2018 4,500,000 4,296,713 1.03 Cheung Kong Infrastructure Holdings subord 7% perpetual (Bermuda) (2) 4,000,000 4,063,796 0.98 Hutchison Whampoa International 10 co gtd RegS 6% perpetual (Cayman Islands) (2) (5) 3,000,000 3,126,135 0.75 China CITIC Bank International subord SerEMTN 3.875% /2022 (5) 3,000,000 2,878,305 0.69


Singapore STATS ChipPAC co gtd RegS 4.5% /2018 4,477,000 4,219,573 1.02 Global A&T Electronics sr secured Ser144A priv plmt 10% /2019 (Cayman Islands) (2) 3,000,000 3,052,500 0.73Oversea-Chinese Banking subord SerEMTN 3.75% /2022 (1) (5) 2,500,000 2,506,725 0.60


Philippines San Miguel sr unsecur SerEMTN 4.875% /2023 3,500,000 2,997,645 0.72 Petron subord RegS 7.5% perpetual (1) (5) 3,000,000 2,972,850 0.71 JGSH Philippines co gtd RegS 4.375% /2023 (British Virgin Islands) (2) 3,000,000 2,801,175 0.67


Bonds (continued)

Bonds (continued)

Turkey (continued)



Cayman Islands Global A&T Electronics sr secured RegS 10% /2019 950,000 966,625 0.23

Total for Cayman Islands 0.23

Total for Bonds 92.88

Mutual Fund




DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

EUR Hedged Share Class05/07/2013 1,045,394 USD 800,949 EUR J.P. Morgan 1,741 0.00








(1) All or part of this position is out on loan.(2) The country in brackets represents the country of incorporation of this security.(4) Managed by an affiliate of the Investment Adviser.(5) Variable coupon rates are those quoted as of 30 June 2013.



Investments

Holdings/ Nominal in US dollars


value% of net

assets Bonds (continued)



Emerging Markets Debt Fund

Bonds

Mexico Petroleos Mexicanos co gtd 4.875% /2022 22,070,000 22,456,225 3.50 Mexican Bonos SerM 20 7.5% /2027 (MXN) 160,000,000 13,562,458 2.11 Petroleos Mexicanos co gtd 5.5% /2021 12,640,000 13,461,600 2.10 Pemex Project Funding Master Trust co gtd 6.625% /2035 (United States of America) (2) 10,121,000 10,551,142 1.64 Pemex Project Funding Master Trust co gtd 6.625% /2038 (United States of America) (2) 7,969,000 8,295,123 1.29 Tenedora Nemak sr unsecur RegS 5.5% /2023 7,190,000 6,866,450 1.07 Cemex sr secured RegS 9.5% /2018 4,421,000 4,785,733 0.74 United Mexican States sr unsecur SerMTNA 6.75% /2034 3,633,000 4,296,023 0.67 Mexichem sr unsecur RegS 4.875% /2022 4,000,000 3,980,000 0.62 United Mexican States sr unsecur 6.05% /2040 1,920,000 2,113,008 0.33 Cemex sr secured RegS 9% /2018 1,327,000 1,399,985 0.22 Pemex Project Funding Master Trust co gtd 8.625% /2023 (United States of America) (2) 1,000,000 1,197,500 0.19 Petroleos Mexicanos co gtd 8% /2019 575,000 698,625 0.11


Russia Russian Foreign Bond - Eurobond sr unsecur RegS 5.625% /2042 24,000,000 25,020,000 3.90 Vnesheconombank Via VEB Finance sr unsecur RegS LPN 6.902% /2020 (Ireland) (2) 18,841,000 20,842,856 3.25 Russian Foreign Bond - Eurobond sr unsecur RegS step cpn 7.5% /2030 (1) 7,962,674 9,317,364 1.45 RZD Capital sr unsecur RegS 5.7% /2022 (Ireland) (2) 7,770,000 7,993,388 1.24 Russian Agricultural Bank OJSC Via RSHB Capital sr unsecur RegS LPN 6.299% /2017 (Luxembourg) (1) (2) 6,442,000 6,852,355 1.07 VimpelCom Holdings co gtd RegS 7.504% /2022 (Netherlands) (1) (2) 5,270,000 5,441,275 0.85 Russian Foreign Bond - Eurobond sr unsecur RegS 12.75% /2028 (1) 2,940,000 5,163,522 0.80 Severstal Via Steel Capital sr unsecur RegS 5.9% /2022 (Luxembourg) (2) 5,150,000 4,763,750 0.74 Vimpel Communications Via VIP Finance Ireland sr unsecur RegS LPN 7.748% /2021 (Ireland) (2) 2,310,000 2,454,375 0.38 Russian Foreign Bond - Eurobond sr unsecur Ser144A priv plmt step cpn 7.5% /2030 7,450 8,717 0.00


Brazil Brazil Minas SPE via State of Minas Gerais govt gtd RegS 5.333% /2028 (Cayman Islands) (2) 21,360,000 20,826,000 3.24 Banco Nacional de Desenvolvimento Economico e Social sr unsecur RegS 5.5% /2020 14,290,000 14,790,150 2.30 Banco BTG Pactual sr unsecur RegS 4% /2020 9,569,000 8,253,263 1.29 Odebrecht Finance co gtd Ser144A priv plmt 7.125% /2042 (Cayman Islands) (2) 6,850,000 6,747,250 1.05 Caixa Economica Federal sr unsecur RegS 3.5% /2022 4,790,000 4,035,575 0.63 Banco Nacional de Desenvolvimento Economico e Social sr unsecur RegS 6.369% /2018 3,654,000 3,982,860 0.62 Odebrecht Finance co gtd RegS 5.125% /2022 (Cayman Islands) (2) 4,000,000 3,950,000 0.61 Banco Safra Cayman Islands subord nts RegS 6.75% /2021 (1) 3,530,000 3,847,700 0.60 ESAL co gtd RegS 6.25% /2023 (Austria) (1) (2) 4,100,000 3,765,194 0.59


INVESTMENT AIM

To seek to maximise total return, measured in US dollars, through investment in the debt securities of government and government-related issuers located in emerging countries.



Investments



value% of net

assets





Investments



value% of net

assets

Investments



value% of net

assets

Venezuela Petroleos de Venezuela co gtd RegS 8.5% /2017 (1) 27,850,000 25,482,750 3.97 Petroleos de Venezuela co gtd RegS 12.75% /2022 15,000,000 15,187,500 2.37 Republic of Venezuela sr unsecur RegS 11.75% /2026 8,270,000 7,815,150 1.22 Republic of Venezuela sr unsecur 9.25% /2027 5,864,000 4,969,740 0.77 Republic of Venezuela sr unsecur RegS 9% /2023 5,069,000 4,207,270 0.66 Republic of Venezuela sr unsecur RegS 6% /2020 1,440,000 1,051,200 0.16 Republic of Venezuela sr unsecur RegS 9.25% /2028 1,000,000 820,000 0.13 Republic of Venezuela SerUSD 0% /2020 (5) 852,000 222,585 0.03


Indonesia Majapahit Holding co gtd RegS 7.75% /2020 (Netherlands) (2) 22,130,000 24,553,456 3.82 Perusahaan Listrik Negara sr unsecur RegS 5.5% /2021 10,120,000 9,851,921 1.53 Republic of Indonesia sr unsecur RegS 7.75% /2038 7,207,000 8,638,418 1.34 Pertamina Persero sr unsecur RegS 5.25% /2021 2,410,000 2,352,449 0.37 Pertamina Persero sr unsecur RegS 4.875% /2022 1,120,000 1,061,200 0.17


Turkey Republic of Turkey sr unsecur 5.625% /2021 12,970,000 13,942,750 2.17 Republic of Turkey sr unsecur 6.875% /2036 11,241,000 12,744,484 1.98 Republic of Turkey 10.5% /2020 (TRY) 18,500,000 10,568,767 1.65 Export Credit Bank of Turkey sr unsecur RegS 5.875% /2019 6,230,000 6,401,325 1.00 Republic of Turkey sr unsecur 8% /2034 925,000 1,172,438 0.18 Republic of Turkey sr unsecur 6.75% /2018 441,000 498,330 0.08


Ukraine Government of Ukraine sr unsecur RegS 7.8% /2022 (1) 36,460,000 32,631,700 5.08 Government of Ukraine RegS 7.5% /2023 7,360,000 6,476,800 1.01 Ukraine Railways via Shortline secured Ser144A priv plmt 9.5% /2018 (United Kingdom) (2) 4,360,000 3,967,600 0.62


Kazakhstan KazMunayGas National co gtd RegS 9.125% /2018 9,470,000 11,328,488 1.76 KazMunayGas National sr unsecur RegS 6.375% /2021 7,470,000 8,104,950 1.26 KazMunayGas National sr unsecur Ser144A priv plmt 5.75% /2043 7,880,000 6,983,650 1.09

KazAgro National Management Holding sr unsecur Ser144A priv plmt 4.625% /2023 5,540,000 5,076,025 0.79 Development Bank of Kazakhstan sr unsecur RegS 4.125% /2022 5,240,000 4,637,400 0.72 Development Bank of Kazakhstan sr unsecur RegS 5.5% /2015 586,000 615,300 0.10 Intergas Finance co gtd RegS 6.375% /2017 (Netherlands) (2) 560,000 608,451 0.10


Philippines Republic of Philippines sr unsecur 4% /2021 13,552,000 13,992,440 2.18 Republic of Philippines sr unsecur 9.5% /2030 9,300,000 13,705,875 2.13 Republic of Philippines sr unsecur 8.375% /2019 2,017,000 2,564,111 0.40


Colombia Republic of Colombia sr unsecur 4.375% /2021 7,592,000 7,895,680 1.23 Republic of Colombia sr unsecur 6.125% /2041 5,070,000 5,589,675 0.87 Pacific Rubiales Energy sr unsecur RegS 5.125% /2023 (Canada) (2) 4,000,000 3,800,000 0.59 Republic of Colombia sr unsecur 11.75% /2020 1,890,000 2,787,750 0.44


Poland Government of Poland sr unsecur 3% /2023 17,620,000 15,990,150 2.49 Government of Poland sr unsecur 5% /2022 1,290,000 1,396,425 0.22


South Africa Eskom Holdings sr unsecur RegS 5.75% /2021 13,834,000 13,488,150 2.10 Transnet SOC sr unsecur RegS 4% /2022 2,590,000 2,240,350 0.35


Peru Banco de Credito del Peru sr subord RegS 6.125% /2027 (5) 4,720,000 4,743,600 0.74 Republic of Peru sr unsecur 7.35% /2025 2,890,000 3,641,400 0.57 Corporacion Azucarera del Peru co gtd RegS 6.375% /2022 (1) 1,880,000 1,870,600 0.29 El Fondo MIVIVIENDA unsecur RegS 3.5% /2023 1,505,000 1,320,638 0.20

Total for Peru 1.80

Belarus Republic of Belarus sr unsecur 8.95% /2018 9,650,000 9,698,250 1.51

Total for Belarus 1.51

Panama Republic of Panama sr unsecur 5.2% /2020 3,060,000 3,366,000 0.53 Republic of Panama sr unsecur 8.875% /2027 1,665,000 2,318,513 0.36 Republic of Panama sr unsecur 7.125% /2026 580,000 714,850 0.11


Bonds (continued)

Bonds (continued)

Kazakhstan (continued)



Hungary Republic of Hungary sr unsecur 6.375% /2021 3,050,000 3,217,750 0.50 Republic of Hungary sr unsecur 7.625% /2041 1,810,000 1,900,500 0.30


Uruguay Republic of Uruguay unsecur 8% /2022 3,453,000 4,316,250 0.67

Total for Uruguay 0.67

Dominican Republic Dominican Republic International Bond sr unsecur RegS 7.5% /2021 3,700,000 3,940,500 0.61

Total for Dominican Republic 0.61

Thailand PTT Global Chemical sr unsecur RegS 4.25% /2022 3,530,000 3,366,226 0.52


Serbia Republic of Serbia sr unsecur RegS 5.25% /2017 (1) 2,990,000 2,930,200 0.46

Total for Serbia 0.46

Romania Romanian Government sr unsecur RegS 4.375% /2023 3,084,000 2,914,380 0.45


Côte d’Ivoire Ivory Coast Government International Bond sr unsecur RegS step cpn 5.75% /2032 (1) 3,490,000 2,892,564 0.45

Total for Côte d’Ivoire 0.45

El Salvador Republic of El Salvador sr unsecur RegS 5.875% /2025 2,690,000 2,622,750 0.41

Total for El Salvador 0.41

Costa Rica Republic of Costa Rica sr unsecur RegS 4.25% /2023 2,730,000 2,511,600 0.39

Total for Costa Rica 0.39

Sri Lanka Republic of Sri Lanka sr unsecur RegS 5.875% /2022 1,230,000 1,116,225 0.17 Republic of Sri Lanka sr unsecur RegS 6.25% /2020 1,015,000 969,325 0.15

Total for Sri Lanka 0.32



Investments



value% of net

assets

Lithuania Republic of Lithuania sr unsecur RegS 7.375% /2020 1,270,000 1,517,650 0.24

Total for Lithuania 0.24

India Vedanta Resources sr unsecur Ser144A priv plmt 7.125% /2023 (United Kingdom) (2) 1,550,000 1,460,875 0.23


Ecuador Republic of Ecuador nts RegS 9.375% /2015 1,011,000 1,051,440 0.16

Total for Ecuador 0.16


Mutual Fund



Warrant

Nigeria Central Bank of Nigeria Wts exp. 15/11/2020 2,000 363,000 0.06


Total for Warrant 0.06


DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

US 10yr T-note Future 09/2013 (233) (29,379,844) Goldman Sachs 788,206 0.12

Net Unrealised Gain on Futures Contracts (29,379,844)1 788,206 0.12

1 Cash of USD 426,684 paid as collateral by the counterparty.

Investments



value% of net

assets

Bonds (continued)

Bonds (continued)




Maturity date

Amount bought Ccy



USD% of net

assets




GBP Hedged Share Class05/07/2013 22,123,014 GBP 34,118,785 USD J.P. Morgan (461,552) (0.07)







DERIVATIVES (continued)




Emerging Markets Domestic Debt Fund

Bonds

Turkey Republic of Turkey 10.5% /2020 (TRY) 59,100,000 33,762,927 5.02 Turkiye Garanti Bankasi sr unsecur RegS 7.375% /2018 (TRY) 32,530,000 15,655,252 2.33 Republic of Turkey 8.5% /2022 (TRY) 30,000,000 15,527,269 2.31 Republic of Turkey Ser5YR 9% /2017 (TRY) 26,300,000 13,953,966 2.07 Republic of Turkey 9% /2016 (TRY) 16,140,000 8,521,713 1.27 Republic of Turkey 10% /2015 (TRY) 11,956,000 6,377,439 0.95


Brazil Brazil Notas do Tesouro Nacional Serie F nts SerNTNF 10% /2021 (BRL) 16,794,600 76,089,740 11.32 Brazil Notas do Tesouro Nacional Serie F nts SerNTNF 10% /2023 (BRL) 2,680,000 12,169,038 1.81 Republic of Brazil sr unsecur 8.5% /2024 (BRL) 12,470,000 5,196,767 0.77


Mexico Mexican Bonos SerM 20 7.5% /2027 (MXN) 795,600,000 67,439,324 10.03 Petroleos Mexicanos co gtd RegS 7.65% /2021 (MXN) 199,500,000 16,165,131 2.41


Russia Russian Federal Bond - OFZ Ser6207 8.15% /2027 (RUB) 970,790,000 30,573,531 4.55 Gazprombank ViaB Eurobond Finance sr unsecur RegS 7.875% /2016 (Ireland) (2) (RUB) 586,000,000 17,361,921 2.58 RZD Capital sr unsecur RegS 8.3% /2019 (Ireland) (2) (RUB) 490,300,000 14,711,264 2.19 VimpelCom Holdings co gtd RegS 9% /2018 (Netherlands) (2) (RUB) 248,700,000 7,481,040 1.11 Russian Foreign Bond - Eurobond sr unsecur RegS 7.85% /2018 (RUB) 165,000,000 5,226,501 0.78


Poland Government of Poland Ser1021 5.75% /2021 (PLN) 80,710,000 27,012,886 4.02 Government of Poland Ser1019 5.5% /2019 (PLN) 77,342,000 25,431,717 3.78 Government of Poland Ser0429 5.75% /2029 (PLN) 51,830,000 17,717,533 2.64 Government of Poland Ser1017 5.25% /2017 (PLN) 15,580,000 4,990,038 0.74


South Africa Republic of South Africa SerR207 7.25% /2020 (ZAR) 632,527,700 62,919,332 9.36 Republic of South Africa SerR213 7% /2031 (ZAR) 140,000,000 12,201,496 1.82


INVESTMENT AIM

To seek to maximise total return, primarily through investment in a portfolio of emerging market bonds and other emerging market debt securities, denominated in the local currency of issue. The Fund intends to invest its assets in emerging market debt securities that provide a high level of current income, while at the same time holding the potential for capital appreciation.



Investments



value% of net

assets





Investments



value% of net

assets

Indonesia Republic of Indonesia 11% /2020, credit linked note, issued by JPMorgan Chase Bank (United States of America) (2) (IDR) 74,500,000,000 9,204,897 1.37 Republic of Indonesia 11% /2020, credit linked note, issued by Deutsche Bank (Germany) (2) (IDR) 72,800,000,000 8,994,853 1.34 Republic of Indonesia 11.5% /2019, credit linked note, issued by Barclays Bank (United Kingdom) (2) (IDR) 64,500,000,000 7,970,816 1.18 Republic of Indonesia 9% /2018, credit linked note, issued by Barclays Bank (United Kingdom) (2) (IDR) 59,000,000,000 6,527,070 0.97 Republic of Indonesia 11.5% /2019, credit linked note, issued by JPMorgan Chase Bank (United States of America) (2) (IDR) 60,000,000,000 6,436,226 0.96 Republic of Indonesia 11.5% /2019, credit linked note, issued by Deutsche Bank (Germany) (2) (IDR) 34,000,000,000 4,201,670 0.63


Malaysia Government of Malaysia sr unsecur Ser0211 3.434% /2014 (MYR) 83,000,000 26,363,080 3.92 Government of Malaysia sr unsecur Ser0512 3.314% /2017 (MYR) 22,400,000 7,066,986 1.05 Government of Malaysia sr unsecur Ser0207 3.814% /2017 (MYR) 3,700,000 1,184,994 0.18


Thailand Thailand Government Bond sr unsecur 3.625% /2015 (THB) 313,900,000 10,215,914 1.52 Thailand Government Bond sr unsecur 3.125% /2015 (THB) 305,000,000 9,827,343 1.46 Thailand Government Bond sr unsecur 5.25% 13/07/2013 (THB) 101,190,000 3,250,037 0.48 Thailand Government Bond sr unsecur 5.25% 12/05/2014 (THB) 88,000,000 2,888,448 0.43


Colombia Republic of Colombia sr unsecur 4.375% /2023 (COP) 14,137,000,000 6,466,138 0.96 Republic of Colombia sr unsecur 7.75% /2021 (COP) 11,000,000,000 6,372,137 0.95 Republic of Colombia sr unsecur 12% /2015 (COP) 10,323,000,000 6,151,673 0.91 Republic of Colombia sr unsecur 9.85% /2027 (COP) 5,416,000,000 3,682,902 0.55


Peru Republic of Peru govt gtd Ser7 8.6% /2017 (PEN) 14,280,000 5,970,544 0.89 Republic of Peru sr unsecur RegS 8.2% /2026 (PEN) 12,022,000 5,285,661 0.79 Republic of Peru sr unsecur RegS 6.95% /2031 (PEN) 11,365,000 4,249,762 0.63

Total for Peru 2.31

Dominican Republic Dominican Republic International Bond RegS 16% /2020 (DOP) 248,600,000 7,828,428 1.16

Total for Dominican Republic 1.16

Nigeria Nigeria Treasury Bill 0% 24/10/2013 (NGN) 723,000,000 3,977,249 0.59 Republic of Nigeria Ser10YR 16.39% /2022 (NGN) 505,000,000 3,469,834 0.52


Chile Republic of Chile sr unsecur 5.5% /2020 (CLP) 669,000,000 1,357,507 0.20



Mutual Fund

Morgan Stanley Liquidity Funds - US Dollar Liquidity Fund (Luxembourg) (2) (4) 936,181 936,181 0.14



Investments



value% of net

assets

Bonds (continued)

Bonds (continued)



DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

10/07/2013 93,907,802 USD 9,303,230,000 JPY UBS 6,506 0.00



Unrealised Gain on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts 232,220 0.03


10/07/2013 2,791,000,000 JPY 28,881,083 USD J.P. Morgan (710,383) (0.11)



Unrealised Loss on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts (641,925) (0.10)






(2) The country in brackets represents the country of incorporation of this security. (4) Managed by an affiliate of the Investment Adviser.



Euro Bond Fund

Corporate Bonds

United States of AmericaBA Covered Bond Issuer covered SerEMTN 4.25% /2017 13,000,000 14,347,430 1.99 WM Covered Bond Program covered SerEMTN 4% /2016 7,000,000 7,640,304 1.06 Goldman Sachs Group sr unsecur SerEMTN 4.375% /2017 5,000,000 5,404,485 0.75 GE Capital European Funding co gtd SerEMTN 5.25% /2015 (Ireland) (2) 4,000,000 4,326,678 0.60 Citigroup subord SerEMTN 1.469% /2017 (5) 3,950,000 3,751,730 0.52 Bank of America sr unsecur SerEMTN 5.125% /2014 3,550,000 3,734,098 0.52 Philip Morris International sr unsecur SerEMTN 5.875% /2015 2,500,000 2,771,335 0.38 Merrill Lynch & Co sr unsecur SerEMTN 0.499% 30/05/2014 (5) 2,500,000 2,494,500 0.35 Goldman Sachs Group sr unsecur SerEMTN 6.375% /2018 (1) 1,800,000 2,131,011 0.30 John Deere Bank co gtd SerEMTN 3.25% /2016 (Luxembourg) (2) 1,625,000 1,734,127 0.24 Citigroup sr unsecur SerEMTN 4% /2015 1,500,000 1,596,872 0.22 GE Capital Trust II RegS 5.5% /2067 (1) (5) 1,555,000 1,566,559 0.22 JPMorgan Chase & Co sr unsecur SerEMTN 2.75% /2023 1,450,000 1,452,117 0.20 JPMorgan Chase & Co sr unsecur SerEMTN 2.875% /2028 (1) 1,300,000 1,237,728 0.17 PACCAR Financial Europe sr unsecur SerEMTN 3% 19/05/2014 (Netherlands) (2) 1,200,000 1,225,746 0.17 AT&T sr unsecur 3.55% /2032 1,200,000 1,183,968 0.16 GE Capital European Funding co gtd SerEMTN 4.625% 29/10/2013 (Ireland) (2) 1,000,000 1,014,420 0.14 Metropolitan Life Global Funding secured SerEMTN 2.375% /2023 1,000,000 970,044 0.13 Wells Fargo & Co sr unsecur SerEMTN 2.625% /2022 850,000 853,755 0.12 PACCAR Financial Europe sr unsecur SerEMTN 0.594% /2016 (Netherlands) (2) (5) 800,000 800,092 0.11 Philip Morris International sr unsecur SerEMTN 5.75% /2016 700,000 788,238 0.11 Procter & Gamble sr unsecur RegS 2% /2022 775,000 755,383 0.10 Metropolitan Life Global Funding secured SerGMTN 2.375% /2019 (1) 600,000 612,928 0.09 Caterpillar International Finance co gtd SerEMTN 2.75% 06/06/2014 (Ireland) (2) 600,000 612,598 0.09 Wells Fargo & Co sr unsecur SerEMTN 2.25% /2023 550,000 529,176 0.07 GE Capital European Funding co gtd SerEMTN 1.25% /2015 (Ireland) (2) 450,000 453,316 0.06 Caterpillar International Finance co gtd SerEMTN 1.375% /2015 (Ireland) (2) 400,000 404,913 0.06 Philip Morris International sr unsecur 2.125% /2019 300,000 301,812 0.04 AT&T sr unsecur 2.5% /2023 (1) 300,000 291,049 0.04


United KingdomBank of Scotland covered SerEMTN 4.5% 23/10/2013 6,500,000 6,586,287 0.91 Abbey National Treasury Services covered SerEMTN 3.625% /2016 4,400,000 4,772,658 0.66 Bank of Scotland covered SerEMTN 4.625% /2017 3,500,000 3,968,786 0.55 Yorkshire Building Society covered SerEMTN 3.25% /2015 3,250,000 3,426,392 0.47

INVESTMENT AIM

To provide an attractive rate of return, measured in Euro, through investment in Euro-denominated fixed income securities of high quality issued by governments, agencies and corporations.



Investments

Nominal in Euro unless

specifiedMarket

value% of net

assets


Euro Bond Fund



Investments


specifiedMarket

value% of net

assets

Investments


specifiedMarket

value% of net

assets

BP Capital Markets co gtd SerEMTN 3.472% /2016 (1) 2,700,000 2,884,378 0.40 Royal Bank of Scotland subord SerEMTN 10.5% /2022 (5) 2,497,000 2,858,285 0.40 Barclays Bank subord SerEMTN 6% /2021 2,500,000 2,708,487 0.38 HSBC Holdings subord 3.625% /2020 (1) (5) 2,430,000 2,480,460 0.34 Standard Chartered sr unsecur 3.875% /2016 2,300,000 2,466,389 0.34 Elsevier Finance Via ELM secured SerEMTN 2.5% /2020 (Switzerland) (2) 2,400,000 2,415,409 0.33 HBOS subord SerEMTN 4.5% /2030 (5) 2,500,000 2,200,450 0.30 Nationwide Building Society covered SerEMTN 3.5% /2015 2,000,000 2,133,114 0.30 Co-operative Bank sr unsecur SerEMTN 2.375% /2015 2,300,000 2,082,500 0.29 Nationwide Building Society sr unsecur SerEMTN 3.75% /2015 1,900,000 1,975,268 0.27 Royal Bank of Scotland sr unsecur SerEMTN 5.375% /2019 1,700,000 1,914,017 0.27 HSBC Holdings subord SerEMTN 6.25% /2018 (1) 1,500,000 1,729,788 0.24 Nationwide Building Society subord SerEMTN 6.75% /2020 (1) 1,500,000 1,620,517 0.22 Heathrow Funding sr secured Ser144A priv plmt 4.6% /2018 (Jersey) (2) 1,400,000 1,569,639 0.22 Lloyds TSB Bank subord SerEMTN 6.5% /2020 (1) 1,350,000 1,480,032 0.21 HSBC Holdings subord SerEMTN 6% /2019 1,000,000 1,155,059 0.16 Anglo American Capital co gtd SerEMTN 5.875% /2015 900,000 977,556 0.14 British American Tobacco Holdings co gtd SerEMTN 2.375% /2023 (Netherlands) (1) (2) 900,000 867,661 0.12 WM Morrison Supermarkets co gtd SerEMTN 2.25% /2020 850,000 845,129 0.12 BP Capital Markets co gtd SerEMTN 3.83% /2017 (1) 700,000 769,641 0.11 Compass Group sr unsecur SerEMTN 3.125% /2019 700,000 740,524 0.10 Rolls-Royce nts SerEMTN 2.125% /2021 715,000 711,654 0.10 BAT International Finance co gtd SerEMTN 3.625% /2021 650,000 703,748 0.10 Leek Finance 17X A2C 0.492% /2037 (5) 550,455 564,297 0.08 Rio Tinto Finance co gtd SerEMTN 2.875% /2024 550,000 533,762 0.07 Barclays Bank sr unsecur 3.5% /2015 (1) 500,000 522,099 0.07 Standard Chartered subord nts SerEMTN 3.625% /2022 500,000 486,009 0.07 BAT International Finance co gtd SerEMTN 5.375% /2017 (1) 300,000 346,983 0.05 Barclays Bank sr unsecur SerEMTN 4.125% /2016 300,000 322,911 0.04 Standard Chartered sr unsecur SerEMTN 4.125% /2019 (1) 250,000 273,585 0.04


Spain Fondo de Reestructuracion Ordenada Bancaria govt gtd 4.4% 21/10/2013 10,800,000 10,908,432 1.51 Fondo de Reestructuracion Ordenada Bancaria govt gtd 4.5% 03/02/2014 7,800,000 7,940,595 1.10 Banco Bilbao Vizcaya Argentaria covered 3.625% /2017 5,200,000 5,389,420 0.75 FADE - Fondo de Amortizacion del Deficit Electrico govt gtd 5% /2015 3,900,000 4,076,830 0.56

Banco Santander covered 2.875% /2018 3,500,000 3,495,772 0.48 CaixaBank covered 3% /2018 3,500,000 3,478,478 0.48 Santander International Debt bnk gtd SerEMTN 3.5% /2015 2,800,000 2,856,868 0.40 Gas Natural Capital Markets co gtd Ser5 4.375% /2016 (1) 2,400,000 2,583,838 0.36 Santander International Debt bnk gtd SerEMTN 4.625% /2016 (1) 1,700,000 1,764,748 0.25 CaixaBank sr unsecur SerDMTN 4.125% /2014 1,200,000 1,237,141 0.17 CaixaBank covered Ser28 3.375% 30/06/2014 1,100,000 1,120,091 0.16 Telefonica Emisiones co gtd SerEMTN 5.496% /2016 1,000,000 1,085,717 0.15 CaixaBank sr unsecur SerEMTN 3.75% 05/11/2013 1,050,000 1,058,830 0.15 Telefonica Emisiones co gtd RegS 4.75% /2017 500,000 534,857 0.07 Telefonica Emisiones co gtd SerEMTN 4.693% /2019 500,000 527,757 0.07 Telefonica Emisiones co gtd SerGMTN 3.661% /2017 (1) 500,000 514,929 0.07


FranceCompagnie de Financement Foncier covered SerEMTN 4.625% /2017 3,000,000 3,418,093 0.47 BNP Paribas subord SerEMTN 5.431% /2017 (1) 3,000,000 3,346,518 0.46 Banque PSA Finance govt liquid gtd SerEMTN 0.625% /2016 2,250,000 2,243,734 0.31 Christian Dior sr unsecur 4% /2016 2,100,000 2,230,903 0.31 Caisse d’Amortissement de la Dette Sociale sr unsecur SerEMTN 3.625% /2016 2,000,000 2,161,774 0.30 Banque Federative du Credit Mutuel sr unsecur SerEMTN 3% /2015 2,000,000 2,088,112 0.29 Crédit Agricole subord SerEMTN 3.9% /2021 (1) 2,000,000 1,973,887 0.27 Société Générale sr unsecur SerEMTN 4.75% /2021 (1) 1,500,000 1,699,009 0.24 Electricité de France unsecur SerEMTN 2.75% /2023 1,700,000 1,688,405 0.23 BPCE sr unsecur SerEMTN 2% /2018 1,500,000 1,503,938 0.21 BNP Paribas sr unsecur SerEMTN 2.875% /2017 1,400,000 1,469,099 0.20 BNP Paribas sr unsecur SerEMTN 2.5% /2019 1,450,000 1,468,532 0.20 Orange sr unsecur SerEMTN 8.125% /2033 (1) 900,000 1,360,720 0.19 Groupe Auchan sr unsecur SerEMTN 6% /2019 1,000,000 1,225,642 0.17 SA de Gestion des Stocks de Securite sr unsecur 1.75% /2019 1,200,000 1,203,838 0.17 Crédit Agricole sr unsecur SerEMTN 3.875% /2019 (1) 1,100,000 1,192,344 0.17 AXA sr unsecur SerEMTN 4.5% /2015 1,100,000 1,162,133 0.16 Banque Federative du Credit Mutuel sr unsecur SerEMTN 0.349% 27/02/2014 (5) 1,000,000 1,000,570 0.14 Unibail-Rodamco sr unsecur SerEMTN 3.375% /2015 (1) 900,000 938,281 0.13 Unibail-Rodamco sr unsecur SerEMTN 1.625% /2017 925,000 927,004 0.13 Crédit Agricole sr unsecur SerEMTN 1.75% /2018 900,000 892,515 0.12 Société Générale sr unsecur SerEMTN 3.75% /2014 (1) 800,000 827,984 0.12 AXA subord SerEMTN 5.125% /2043 (1) (5) 800,000 794,931 0.11 Unibail-Rodamco sr unsecur SerEMTN 3.875% /2020 (1) 550,000 602,499 0.08 Socram Banque sr unsecur 2.125% /2016 600,000 599,964 0.08 Air Liquide Finance co gtd SerEMTN 2.125% /2021 600,000 595,159 0.08

Corporate Bonds (continued)



Spain (continued)


Euro Bond Fund



Investments


specifiedMarket

value% of net

assets

Thales sr unsecur SerEMTN 1.625% /2018 500,000 497,387 0.07 AXA subord SerEMTN 5.25% /2040 (5) 450,000 459,733 0.06 Orange sr unsecur SerEMTN 1.875% /2019 (1) 400,000 392,565 0.06 Legrand sr unsecur SerEMTN 3.375% /2022 300,000 319,668 0.05 Crédit Agricole jr subord 7.875% perpetual (5) 200,000 210,484 0.03


Germany KfW - Kreditanstalt fuer Wiederaufbau govt gtd 3.875% /2019 12,000,000 13,681,332 1.90 State of Saxony-Anhalt Ser13 3.75% /2021 4,750,000 5,416,427 0.75 Deutsche Bank subord SerEMTN 5% /2020 (1) 2,100,000 2,284,709 0.32 Muenchener Rueckversicherungs subord SerEMTN 6% /2041 (5) 1,800,000 2,050,412 0.28 Allianz Finance II co gtd SerEMTN 5.75% /2041 (Netherlands) (2) (5) 1,800,000 1,992,297 0.28 BMW US Capital co gtd SerEMTN 5% /2015 (United States of America) (2) 1,800,000 1,943,213 0.27 Deutsche Boerse sr unsecur 2.375% /2022 1,500,000 1,492,111 0.21 Deutsche Telekom International Finance co gtd SerEMTN 5.75% /2015 (Netherlands) (2) 1,000,000 1,087,888 0.15 KfW - Kreditanstalt fuer Wiederaufbau govt gtd 3.125% /2016 1,000,000 1,071,357 0.15 Allianz Finance II co gtd SerEMTN 4.75% /2019 (Netherlands) (2) 900,000 1,044,275 0.14 MAN sr unsecur SerEMTN 1% /2015 1,025,000 1,030,264 0.14 Vier Gas Transport sr unsecur SerEMTN 2% /2020 1,000,000 990,880 0.14 Muenchener Rueckversicherungs jr subord 5.767% perpetual (1) (5) 750,000 778,750 0.11 Merck Financial Services co gtd SerEMTN 3.375% /2015 575,000 601,106 0.08


Netherlands ING Bank govt liquid gtd SerEMTN 3.375% 03/03/2014 6,000,000 6,128,400 0.85 SNS Bank govt liquid gtd SerEMTN 3.5% 10/03/2014 5,000,000 5,111,750 0.71 ING Groep sr unsecur SerEMTN 5.625% 03/09/2013 2,900,000 2,926,346 0.40 ABN Amro Bank subord SerEMTN 6.375% /2021 2,400,000 2,647,360 0.37 ABN Amro Bank covered SerEMTN 1.875% /2019 2,150,000 2,174,964 0.30 Volkswagen International Finance co gtd SerEMTN 1.875% /2017 2,000,000 2,040,513 0.28 Achmea Hypotheekbank sr unsecur SerEMTN 2% /2018 2,075,000 2,029,920 0.28 ABN Amro Bank covered SerEMTN 3.75% /2014 1,500,000 1,551,634 0.22 Cooperatieve Centrale Raiffeisen-Boerenleenbank subord SerEMTN 5.875% /2019 1,300,000 1,493,441 0.21 Cooperatieve Centrale Raiffeisen-Boerenleenbank unsecur SerEMTN 3.5% /2018 1,250,000 1,357,096 0.19 Enexis Holding sr unsecur SerEMTN 1.875% /2020 1,100,000 1,077,980 0.15 Cooperatieve Centrale Raiffeisen-Boerenleenbank sr unsecur SerEMTN 3.875% /2016 1,000,000 1,076,318 0.15 Alliander subord 4.875% perpetual (5) 850,000 893,844 0.12

TenneT Holding sr unsecur SerEMTN 4.625% /2023 700,000 812,116 0.11 Nederlandse Gasunie sr unsecur SerEMTN 0.875% /2015 550,000 551,009 0.08


ItalyBanca Monte dei Paschi di Siena covered SerEMTN 4.875% /2016 4,000,000 4,083,532 0.57 Banca Monte dei Paschi di Siena covered 3.125% /2015 3,700,000 3,672,663 0.51 Banco Popolare covered RegS 4.75% /2016 2,300,000 2,401,969 0.33 Intesa Sanpaolo sr unsecur SerGMTN 4.75% /2017 (1) 2,100,000 2,208,845 0.31 Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (2) 1,900,000 2,117,991 0.29 Snam sr unsecur SerEMTN 5.25% /2022 1,850,000 2,061,441 0.29 UniCredit sr unsecur RegS 3.625% 21/08/2013 1,700,000 1,706,911 0.24 Assicurazioni Generali sr unsecur SerEMTN 5.125% /2024 1,450,000 1,545,185 0.21 Intesa Sanpaolo sr unsecur SerEMTN 4.125% /2016 (1) 1,400,000 1,448,025 0.20 Terna Rete Elettrica Nazionale sr unsecur SerEMTN 4.75% /2021 1,000,000 1,123,975 0.16 Intesa Sanpaolo Bank Ireland bnk gtd SerEMTN 4% 08/08/2013 (Ireland) (2) 900,000 902,993 0.12 Finmeccanica Finance co gtd SerEMTN 8.125% 03/12/2013 (Luxembourg) (2) 750,000 770,134 0.11 UniCredit covered SerEMTN 2.75% /2020 750,000 756,125 0.10 Snam sr unsecur SerEMTN 2.375% /2017 (1) 350,000 351,128 0.05


Sweden Svensk Exportkredit sr unsecur SerEMTN 3.625% 27/05/2014 3,000,000 3,090,345 0.43 Nordea Bank subord SerEMTN 4.625% /2022 (5) 2,500,000 2,670,235 0.37 Swedbank sr unsecur SerEMTN 3.375% /2017 1,450,000 1,550,507 0.21 Svenska Handelsbanken sr unsecur SerEMTN 2.625% /2022 (1) 900,000 906,065 0.13


Switzerland Nestle Finance International co gtd SerEMTN 1.75% /2022 (Luxembourg) (1) (2) 1,960,000 1,888,546 0.26 Cloverie for Zurich Insurance subord SerEMTN 7.5% /2039 (Ireland) (2) (5) 1,500,000 1,813,290 0.25 Credit Suisse sr unsecur SerEMTN 3.875% /2017 (1) 1,100,000 1,194,203 0.16 Zurich Finance USA co gtd SerEMTN 6.5% /2015 (United States of America) (2) 1,000,000 1,123,008 0.16 UBS jr subord SerEMTN 7.152% perpetual (5) 350,000 377,993 0.05 Aquarius and Investments for Zurich Insurance secured SerEMTN 4.25% /2043 (Ireland) (2) (5) 200,000 196,589 0.03


Norway Sparebank 1 SR Bank sr unsecur 3.625% /2015 2,100,000 2,194,758 0.30 DNB Bank sr unsecur RegS 4.375% /2021 1,700,000 1,934,394 0.27 DNB Bank sr unsecur SerEMTN 4.25% /2022 (1) 875,000 985,838 0.14 Statkraft sr unsecur SerEMTN 2.5% /2022 800,000 790,267 0.11


Ireland Bank of Ireland Mortgage Bank covered SerEMTN 4% 05/07/2013 5,500,000 5,501,238 0.76


Investments


specifiedMarket

value% of net

assets


France (continued)


Netherlands (continued)


Euro Bond Fund



Investments


specifiedMarket

value% of net

assets

Luxembourg ITW Finance Europe co gtd 5.25% /2014 3,400,000 3,600,090 0.50 Enel Finance International co gtd SerGMTN 5.75% /2018 (Netherlands) (1) (2) 1,000,000 1,129,041 0.16


Australia Australia & New Zealand Banking Group sr unsecur SerEMTN 3.75% /2017 (1) 2,100,000 2,276,185 0.31 BHP Billiton Finance co gtd SerEMTN 2.25% /2020 1,300,000 1,293,252 0.18 Telstra sr unsecur SerEMTN 2.5% /2023 500,000 486,328 0.07


Jersey ASIF III Jersey sr secured SerEMTN 4.75% 11/09/2013 (1) 3,000,000 3,024,480 0.42 Heathrow Funding sr secured 4.375% /2017 650,000 712,781 0.10

Total for Jersey 0.52

United Arab Emirates IPIC GMTN co gtd RegS 5.875% /2021 (Cayman Islands) (2) 2,500,000 2,950,125 0.41 IPIC GMTN co gtd RegS 2.375% /2018 (Cayman Islands) (2) 250,000 252,498 0.02


Russia Gazprom Via Gaz Capital sr unsecur SerEMTN LPN 6.605% /2018 (Luxembourg) (2) 2,200,000 2,505,506 0.35


Hong Kong Hutchison Whampoa Europe Finance 12 co gtd SerEMTN 2.5% /2017 (Cayman Islands) (2) 2,100,000 2,164,458 0.30


Finland Fortum sr unsecur SerEMTN 2.25% /2022 1,600,000 1,545,885 0.22 Pohjola Bank sr unsecur 1.25% /2018 (1) 450,000 441,402 0.06


Belgium Anheuser-Busch InBev co gtd SerEMTN 8.625% /2017 1,550,000 1,955,320 0.27


Mexico America Movil sr unsecur SerEMTN 4.125% /2019 1,425,000 1,566,018 0.22


Israel Teva Pharmaceutical Finance IV co gtd SerEMTN 2.875% /2019 (Curacao) (2) 1,000,000 1,038,083 0.14

Total for Israel 0.14

Austria UniCredit Bank Austria sr unsecur SerEMTN 2.625% /2018 (1) 700,000 711,865 0.10


New Zealand BNZ International Funding bnk gtd SerGMTN 1.25% /2018 700,000 678,159 0.09

Total for New Zealand 0.09

Portugal EDP Finance sr unsecur SerEMTN 5.875% /2016 (Netherlands) (2) 500,000 523,698 0.07


Total for Corporate Bonds 50.27

Government Bonds

ItalyItaly Buoni Poliennali Del Tesoro sr unsecur 5.25% /2017 32,000,000 34,418,464 4.77 Italy Buoni Poliennali Del Tesoro 4.25% /2015 19,000,000 19,715,265 2.73 Italy Buoni Poliennali Del Tesoro 3% /2015 17,500,000 17,772,878 2.46 Italy Buoni Poliennali Del Tesoro 6% /2031 15,000,000 16,844,723 2.34 Italy Buoni Poliennali Del Tesoro sr unsecur 5% /2039 14,500,000 14,528,920 2.01


France Government of France OAT 5.5% /2029 23,000,000 30,336,287 4.20 Government of France OAT 3.25% /2021 21,000,000 22,925,175 3.18 French Treasury Note BTAN nts 2.5% /2015 15,000,000 15,510,218 2.15 French Treasury Note BTAN nts 1.75% /2017 7,800,000 8,038,914 1.11 Government of France OAT 3.25% /2016 2,000,000 2,147,213 0.30


Germany Bundesrepublik Deutschland Ser03 4.75% /2034 15,000,000 20,690,768 2.87 Bundesrepublik Deutschland Ser2007 4.25% /2039 9,000,000 12,042,212 1.67 Bundesrepublik Deutschland 2.25% /2021 7,000,000 7,454,090 1.03 Bundesrepublik Deutschland Ser97 6.5% /2027 1 1 0.00


Netherlands Government of Netherlands 3.25% /2021 12,500,000 13,870,688 1.92 Government of Netherlands 4% /2037 3,000,000 3,710,280 0.52


Investments


specifiedMarket

value% of net

assets




Euro Bond Fund



Investments


specifiedMarket

value% of net

assets

Poland Government of Poland sr unsecur SerEMTN 3.625% /2016 8,000,000 8,550,668 1.19 Government of Poland sr unsecur 5.875% 03/02/2014 5,000,000 5,162,600 0.71


Canada Government of Canada sr unsecur 3.5% /2020 3,000,000 3,436,823 0.48 Province of Ontario sr unsecur SerEMTN 4% /2019 (1) 1,800,000 2,060,955 0.28


Total for Government Bonds 35.92

Mutual Fund



Supra-National Bonds

European Union sr unsecur SerEMTN 3.25% /2018 13,000,000 14,326,065 1.99 European Union sr unsecur SerEMTN 3.5% /2021 9,000,000 10,129,176 1.40 European Financial Stability Facility govt gtd 3.375% /2021 4,250,000 4,686,577 0.65 European Financial Stability Facility govt gtd SerEMTN 2.75% /2016 2,600,000 2,758,930 0.38 European Financial Stability Facility govt gtd SerEMTN 2.75% /2016 1,700,000 1,811,107 0.25

Total for Supra-National Bonds 4.67

Mortgage and Asset Backed Securities

Germany German Residential Funding 1.328% /2024 (5) 3,270,000 3,274,905 0.46


United Kingdom Taurus 2013-GMF1 A 1.259% /2024 (5) 875,000 875,000 0.12 Granite Master Issuer 2006-4 A7 0.342% /2054 (5) 745,795 726,031 0.10 Granite Master Issuer 2006-2 A5 0.322% /2054 (5) 298,318 290,413 0.04


Total for Mortgage and Asset Backed Securities 0.72


DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro SCHATZ Future 09/2013 17 1,875,185 Goldman Sachs 1,105 0.00


Euro BOBL Future 09/2013 307 38,359,650 Goldman Sachs (278,410) (0.04)Euro Bund Future 09/2013 135 19,040,400 Goldman Sachs (109,392) (0.01)



1 Cash of EUR 1,721,316 held as collateral by the counterparty.

Credit Default Swap Contracts

Risk position Description Ccy

Notional amount

Maturity date Counterparty



assets

Buy Koninklijke DSM 4% 10/11/2015 EUR 3,200,000 20/12/2013 Barclays Capital (17,162) 0.00

Sell iTraxx Europe Senior Financials Series 19 01/06/2018 EUR 13,000,000 20/06/2018 Morgan Stanley (378,663) (0.05)

Net Unrealised Loss on Credit Default Swap Contracts (395,825) (0.05)




Cash of EUR 450,000 held as collateral by the counterparties in relation to the above OTC contracts.

(1) All or part of this position is out on loan. (2) The country in brackets represents the country of incorporation of this security. (4) Managed by an affiliate of the Investment Adviser. (5) Variable coupon rates are those quoted as of 30 June 2013.

Government Bonds (continued)



Euro Corporate Bond (ex Financials) Fund

Corporate Bonds

FranceVeolia Environnement sr unsecur SerEMTN 6.75% /2019 1,600,000 1,989,424 2.91Orange sr unsecur SerEMTN 8.125% /2033 800,000 1,209,529 1.77Eutelsat sr unsecur 4.125% /2017 800,000 870,633 1.28Klepierre sr unsecur SerEMTN 2.75% /2019 800,000 811,769 1.19Edenred sr unsecur 3.625% /2017 650,000 693,986 1.02Legrand sr unsecur 4.25% /2017 (1) 500,000 549,012 0.80Arkema sr unsecur 4% /2017 500,000 541,930 0.79Groupe Auchan sr unsecur SerEMTN 2.875% /2017 500,000 532,085 0.78Michelin Luxembourg co gtd SerEMTN 2.75% /2019 (Luxembourg) (2) 500,000 520,212 0.76Electricité de France subord SerEMTN 4.25% perpetual (5) 500,000 506,562 0.74Areva sr unsecur SerEMTN 4.625% /2017 400,000 434,635 0.64Christian Dior sr unsecur 4% /2016 400,000 424,934 0.62Foncière des Regions sr unsecur 3.875% /2018 (1) 400,000 417,967 0.61Unibail-Rodamco sr unsecur SerEMTN 1.625% /2017 (1) 400,000 400,867 0.59GELF Bond Issuer I co gtd SerEMTN 3.125% /2018 (Luxembourg) (2) 400,000 397,415 0.58Electricité de France unsecur SerEMTN 2.75% /2023 400,000 397,272 0.58Vinci sr unsecur SerEMTN 4.125% /2017 300,000 328,597 0.48Mercialys sr unsecur 4.125% /2019 300,000 323,790 0.47Arkema sr unsecur 3.85% /2020 300,000 322,053 0.47Alstom sr unsecur SerEMTN 2.25% /2017 300,000 301,446 0.44Carrefour sr unsecur SerEMTN 1.875% /2017 300,000 300,306 0.44Danone sr unsecur SerEMTN 1.25% /2018 300,000 296,169 0.43Alstom sr unsecur 4.125% /2017 250,000 268,947 0.39Cie Financiere et Industrielle des Autoroutes sr unsecur 5.875% /2016 (1) 200,000 229,168 0.34Lafarge sr unsecur SerEMTN 6.75% /2019 (1) 200,000 222,207 0.33Legrand sr unsecur SerEMTN 3.375% /2022 200,000 213,112 0.31Societe Fonciere Lyonnaise sr unsecur 3.5% /2017 (1) 200,000 208,061 0.30Unibail-Rodamco sr unsecur SerEMTN 2.375% /2021 150,000 148,300 0.22Eutelsat sr unsecur 5% /2019 100,000 113,730 0.17Legrand sr unsecur SerEMTN 4.375% /2018 100,000 111,998 0.16Areva sr unsecur SerEMTN 3.875% /2016 100,000 105,687 0.16Elior Finance & Co sr secured RegS 6.5% /2020 (Luxembourg) (1) (2) 100,000 101,974 0.15Thales sr unsecur SerEMTN 1.625% /2018 100,000 99,477 0.15


United KingdomBritish American Tobacco Holdings co gtd SerEMTN 4.875% /2021 (Netherlands) (2) 1,000,000 1,170,377 1.71G4S International Finance co gtd SerEMTN 2.625% /2018 1,125,000 1,105,425 1.62FCE Bank sr unsecur SerEMTN 4.75% /2015 1,000,000 1,053,542 1.54Smiths Group co gtd 4.125% /2017 750,000 811,204 1.19Heathrow Funding sr secured RegS 4.6% /2018 (Jersey) (2) 600,000 672,639 0.99BG Energy Capital co gtd SerEMTN 3.625% /2019 600,000 656,698 0.96Imperial Tobacco Finance co gtd SerEMTN 5% /2019 500,000 576,390 0.84

INVESTMENT AIM

To provide an attractive rate of return, measured in Euro, by investing primarily in Euro-denominated fixed income securities of high quality issued by corporations and non-government related issuers excluding issuers in the financial industry.



Investments


specifiedMarket

value% of net

assets



Investments


specifiedMarket

value% of net

assets

SpainTelefonica Emisiones co gtd SerEMTN 4.71% /2020 1,300,000 1,365,119 2.00Gas Natural Capital Markets co gtd Ser9 4.125% /2018 800,000 849,439 1.24Amadeus Capital Markets co gtd SerEMTN 4.875% /2016 700,000 765,520 1.12Telefonica Emisiones co gtd SerEMTN 4.967% /2016 700,000 748,894 1.10Prosegur Cia de Seguridad sr unsecur SerEMTN 2.75% /2018 700,000 695,784 1.02Ferrovial Emisiones co gtd RegS 3.375% /2018 650,000 661,967 0.97Red Electrica Financiaciones co gtd 3.5% /2016 500,000 523,253 0.77Red Electrica Financiaciones co gtd SerEMTN 2.375% /2019 400,000 386,084 0.57Iberdrola Finanzas co gtd SerEMTN 4.75% /2016 300,000 323,538 0.47Telefonica Emisiones co gtd SerEMTN 4.797% /2018 300,000 322,364 0.47Ferrovial Emisiones co gtd RegS 3.375% /2021 150,000 144,968 0.21Gas Natural Capital Markets co gtd SerEMTN 5% /2018 100,000 109,976 0.16


GermanySiemens Financieringsmaatschappij co gtd SerWW CV 1.65% /2019 (Netherlands) (2) (USD) 1,000,000 796,905 1.17Linde Finance co gtd 7.375% /2066 (Netherlands) (1) (2) (5) 500,000 572,887 0.84Eurogrid co gtd SerEMTN 3.875% /2020 500,000 550,449 0.80Volkswagen Leasing co gtd RegS 3.375% /2016 500,000 532,638 0.78Deutsche Telekom International Finance co gtd SerEMTN 6% /2017 (Netherlands) (2) 400,000 464,320 0.68Siemens Financieringsmaatschappij co gtd SerEMTN 1.75% /2021 (Netherlands) (1) (2) 450,000 439,641 0.64SAP sr unsecur SerEMTN 2.125% /2019 385,000 382,297 0.56Celesio Finance co gtd SerEMTN 4% /2016 (Netherlands) (2) 275,000 285,159 0.42HSE Netz sr secured 6.125% /2041 200,000 260,684 0.38ThyssenKrupp sr unsecur SerEMTN 4.375% /2015 200,000 207,614 0.30SGL Carbon sr unsecur CV 2.75% /2018 200,000 198,740 0.29Brenntag Finance co gtd 5.5% /2018 (Netherlands) (2) 150,000 168,068 0.25Vier Gas Transport sr unsecur SerEMTN 2% /2020 150,000 148,632 0.22RWE jr subord 7% perpetual (5) (GBP) 100,000 124,204 0.18Bilfinger sr unsecur 2.375% /2019 120,000 120,580 0.18


NetherlandsRWE Finance co gtd SerEMTN 6.5% /2021 600,000 769,830 1.13Iberdrola International co gtd SerEMTN 5.75% perpetual (5) 600,000 597,894 0.88Nederlandse Gasunie sr unsecur SerEMTN 2.625% /2022 500,000 508,824 0.74Enel Finance International co gtd SerEMTN 4.875% /2020 310,000 331,888 0.49Siemens Financieringsmaatschappij co gtd 5.25% /2066 (5) 300,000 329,108 0.48TenneT Holding subord 6.655% perpetual (5) 200,000 218,677 0.32Repsol International Finance co gtd SerEMTN 4.75% /2017 200,000 217,116 0.32Enexis Holding sr unsecur SerEMTN 1.875% /2020 175,000 171,497 0.25Alliander subord 4.875% perpetual (5) 150,000 157,737 0.23Repsol International Finance co gtd SerEMTN 4.375% /2018 100,000 106,834 0.15




Investments


specifiedMarket

value% of net

assets

Vodafone Group sr unsecur SerEMTN 6.25% /2016 500,000 564,992 0.83Compass Group sr unsecur SerEMTN 3.125% /2019 500,000 528,946 0.77GKN Holdings sr unsecur SerEMTN 5.375% /2022 (GBP) 450,000 527,348 0.77NGG Finance co gtd SerEUR 4.25% /2076 (5) 500,000 493,117 0.72Westfield UK & Europe Finance co gtd SerEMTN 4.25% /2022 (GBP) 400,000 485,967 0.71Experian Finance co gtd SerEMTN 4.75% /2020 400,000 457,534 0.67GlaxoSmithKline Capital co gtd SerEMTN 5.625% /2017 350,000 415,603 0.61Everything Everywhere Finance co gtd SerEMTN 3.5% /2017 400,000 411,489 0.60Rentokil Initial co gtd SerEMTN 4.625% 27/03/2014 400,000 411,088 0.60SSE jr subord SerEMTN 5.025% perpetual (5) 350,000 364,416 0.53Rio Tinto Finance co gtd SerEMTN 2.875% /2024 300,000 291,143 0.43WM Morrison Supermarkets co gtd SerEMTN 2.25% /2020 240,000 238,625 0.35Rolls-Royce nts SerEMTN 2.125% /2021 235,000 233,900 0.34National Grid USA sr unsecur SerEMTN 3.25% /2015 (United States of America) (2) 200,000 209,053 0.31Anglo American Capital co gtd Ser144A priv plmt 9.375% /2019 (USD) 200,000 194,331 0.29InterContinental Hotels Group co gtd SerEMTN 3.875% /2022 (GBP) 150,000 172,964 0.25InterContinental Hotels Group co gtd SerEMTN 6% /2016 (GBP) 100,000 131,497 0.19High Speed Rail Finance 1 sr secured SerEMTN 4.375% /2038 (GBP) 110,000 127,059 0.19Heathrow Finance sr secured RegS 5.375% /2019 (GBP) 100,000 117,015 0.17


ItalyEnel Finance International co gtd Ser144A priv plmt 5.125% /2019 (Netherlands) (2) (USD) 1,900,000 1,511,232 2.21Telecom Italia sr unsecur SerEMTN 8.25% /2016 (1) 800,000 910,982 1.33ENI sr unsecur SerEMTN 5% /2016 700,000 767,625 1.12Davide Campari-Milano sr unsecur 5.375% /2016 700,000 757,263 1.11Luxottica Group co gtd 4% /2015 700,000 744,659 1.09Snam sr unsecur SerEMTN 5.25% /2022 550,000 612,861 0.90Terna Rete Elettrica Nazionale sr unsecur SerEMTN 4.75% /2021 500,000 561,987 0.82Terna Rete Elettrica Nazionale sr unsecur SerEMTN 4.125% /2017 400,000 429,484 0.63A2A sr unsecur 4.5% /2016 400,000 421,033 0.62Gtech Spa co gtd 5.375% /2018 350,000 386,801 0.56Telecom Italia sr unsecur SerEMTN 6.125% /2018 (1) 270,000 292,526 0.43Snam sr unsecur SerEMTN 4.375% /2016 250,000 267,982 0.39Snam sr unsecur SerEMTN 2.375% /2017 250,000 250,806 0.37Gtech Spa co gtd 5.375% /2016 200,000 219,119 0.32Davide Campari-Milano sr unsecur 4.5% /2019 200,000 209,918 0.31







United States of AmericaPhilip Morris International sr unsecur 2.875% /2024 900,000 894,527 1.31CRH Finance co gtd SerEMTN 7.375% 28/05/2014 (Ireland) (2) 700,000 740,926 1.08Procter & Gamble sr unsecur 4.875% /2027 500,000 614,686 0.90National Grid North America unsecur SerEMTN 1.75% /2018 400,000 401,527 0.59AT&T sr unsecur 3.55% /2032 350,000 345,324 0.51AT&T sr unsecur 2.5% /2023 200,000 194,033 0.28


BelgiumAnheuser-Busch InBev co gtd SerEMTN 8.625% /2017 675,000 851,510 1.24Barry Callebaut Services co gtd 5.625% /2021 500,000 546,677 0.80Anheuser-Busch InBev co gtd SerEMTN 4% /2018 300,000 333,710 0.49Brussels Airport Holding sr secured SerEMTN 3.25% /2020 100,000 101,374 0.15


DenmarkAP Moeller - Maersk sr unsecur SerEMTN 3.375% /2019 500,000 511,340 0.75TDC sr unsecur SerEMTN 3.75% /2022 400,000 426,506 0.62DONG Energy subord SerEXCH 6.25% /3013 (5) 340,000 347,623 0.51


IrelandWPP Finance co gtd 5.25% /2015 (France) (2) 1,000,000 1,068,201 1.57Bord Gais Eireann sr unsecur SerEMTN 3.625% /2017 100,000 104,441 0.15


United Arab EmiratesIPIC GMTN co gtd RegS 5.875% /2021 (Cayman Islands) (2) 500,000 590,025 0.87Abu Dhabi National Energy sr unsecur RegS 3.625% /2023 (USD) 250,000 178,813 0.26IPIC GMTN co gtd RegS 2.375% /2018 (Cayman Islands) (2) 150,000 151,499 0.22


AustraliaBHP Billiton Finance co gtd SerEMTN 2.25% /2020 (1) 425,000 422,794 0.62Origin Energy Finance co gtd SerEMTN 7.875% /2071 (5) 250,000 258,809 0.38Origin Energy Finance co gtd SerEMTN 2.875% /2019 100,000 101,073 0.15Telstra sr unsecur SerEMTN 2.5% /2023 100,000 97,265 0.14




Investments


specifiedMarket

value% of net

assets

Investments


specifiedMarket

value% of net

assets

BrazilPetrobras International Finance co gtd 4.875% /2018 (Cayman Islands) (2) 700,000 751,800 1.10


LuxembourgArcelorMittal sr unsecur 10.625% /2016 (1) 600,000 709,101 1.04


NorwayStatkraft sr unsecur SerEMTN 2.5% /2022 350,000 345,742 0.51Statoil co gtd SerEMTN 5.625% /2021 200,000 252,189 0.37


IsraelTeva Pharmaceutical Finance IV co gtd SerEMTN 2.875% /2019 (Curacao) (2) 500,000 519,041 0.76


FinlandFingrid sr unsecur SerEMTN 3.5% /2024 450,000 477,061 0.70


RussiaGazprom Via Gaz Capital sr unsecur SerEMTN LPN 6.605% /2018 (Luxembourg) (2) 350,000 398,603 0.58


PortugalEDP Finance sr unsecur SerEMTN 5.75% /2017 (Netherlands) (2) 250,000 265,579 0.39


FranceCompagnie Generale des Etablissements Michelin sr unsecur SerML CV 0% /2017 168,600 224,593 0.33


SwedenSecuritas sr unsecur SerEMTN 2.75% /2017 191,000 197,105 0.29


AustriaAtrium European Real Estate sr unsecur 4% /2020 (Jersey) (2) 200,000 199,142 0.28


QatarQtel International Finance co gtd RegS 3.25% /2023 (Bermuda) (2) (USD) 200,000 139,626 0.21







Mutual Fund




DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro BOBL Future 09/2013 (36) (4,498,200) Goldman Sachs 50,760 0.07Euro Bund Future 09/2013 (2) (282,080) Goldman Sachs 340 0.00Long Gilt Future 09/2013 (9) (1,171,376) Goldman Sachs 56,010 0.08US 2yr T-note Future 09/2013 (1) (168,780) Goldman Sachs 371 0.00US 5yr T-note Future 09/2013 3 277,974 Goldman Sachs 72 0.00US 10yr T-note Future 09/2013 (26) (2,516,049) Goldman Sachs 85,895 0.13


Euro SCHATZ Future 09/2013 56 6,177,080 Goldman Sachs (3,256) 0.00

Unrealised Loss on Futures Contracts (3,256) 0.00


1 Cash of EUR 87,853 paid as collateral by the counterparty.



Investments


specifiedMarket

value% of net

assets


Maturity date

Amount bought Ccy



EUR% of net

assets

19/07/2013 1,710,499 EUR 1,460,000 GBP RBC 6,111 0.01


17/07/2013 2,855,679 EUR 3,795,000 USD Westpac Bank (56,648) (0.08)









Euro Corporate Bond Fund

INVESTMENT AIM

To provide an attractive rate of return, measured in Euro, primarily through investment in Euro-denominated fixed income securities of high quality issued by corporations and non-government related issuers.



Investments


specifiedMarket

value% of net

assets Corporate Bonds

FranceSociété Générale sr unsecur Ser144A priv plmt 5.2% /2021 (USD) 26,000,000 21,042,579 1.36BNP Paribas bnk gtd SerBKNT 5% /2021 (USD) 16,000,000 13,000,054 0.84Edenred sr unsecur 3.625% /2017 (1) 11,000,000 11,744,381 0.76BPCE sr unsecur SerEMTN 2% /2018 (1) 10,700,000 10,728,093 0.69Societe Des Autoroutes Paris-Rhin-Rhone sr unsecur SerEMTN 5% /2017 9,500,000 10,511,759 0.68Christian Dior sr unsecur 4% /2016 9,000,000 9,561,015 0.62Groupama sr subord 7.875% /2039 (5) 9,800,000 9,040,990 0.59Orange sr unsecur SerEMTN 1.875% /2019 (1) 8,900,000 8,734,571 0.57GELF Bond Issuer I co gtd SerEMTN 3.125% /2018 (Luxembourg) (2) 8,250,000 8,196,676 0.53Electricité de France subord SerEMTN 4.25% perpetual (1) (5) 8,000,000 8,105,000 0.53Société Générale jr subord 9.375% perpetual (1) (5) 7,250,000 7,976,631 0.52Societe Fonciere Lyonnaise sr unsecur 4.625% /2016 7,000,000 7,482,450 0.48Crédit Agricole jr subord Ser144A priv plmt 8.375% perpetual (5) (USD) 9,030,000 7,340,960 0.47Crédit Agricole sr unsecur Ser144A priv plmt 3% /2017 (USD) 8,720,000 6,787,829 0.44Banque Federative du Credit Mutuel sr unsecur SerEMTN 2% /2019 (1) 6,600,000 6,520,998 0.42Veolia Environnement sr unsecur SerEMTN 6.75% /2019 4,575,000 5,688,509 0.37Electricité de France unsecur SerEMTN 2.75% /2023 5,100,000 5,065,215 0.33BNP Paribas sr unsecur SerEMTN 2.5% /2019 (1) 5,000,000 5,063,905 0.33Areva sr unsecur SerEMTN 4.625% /2017 (1) 4,600,000 4,998,300 0.32Crédit Agricole subord SerEMTN 3.9% /2021 (1) 5,000,000 4,934,717 0.32Unibail-Rodamco sr unsecur SerEMTN 1.625% /2017 4,875,000 4,885,562 0.32AXA subord SerEMTN 5.25% /2040 (5) 4,700,000 4,801,661 0.31Crédit Agricole subord SerEMTN 5.875% /2019 (1) 4,000,000 4,448,032 0.29RCI Banque sr unsecur SerEMTN 5.625% /2015 (1) 4,000,000 4,245,018 0.27Foncière des Regions sr unsecur 3.875% /2018 (1) 4,000,000 4,179,670 0.27Gecina sr unsecur SerEMTN 4.25% /2016 3,800,000 4,058,898 0.26Carrefour sr unsecur SerEMTN 1.875% /2017 3,800,000 3,803,880 0.25Mercialys sr unsecur 4.125% /2019 3,000,000 3,237,900 0.21Arkema sr unsecur 3.85% /2020 (1) 3,000,000 3,220,530 0.21Compagnie Generale des Etablissements Michelin sr unsecur SerML CV 0% /2017 2,383,201 3,174,674 0.21Socram Banque sr unsecur 2.125% /2016 3,100,000 3,099,814 0.20RCI Banque sr unsecur SerEMTN 4% 11/07/2013 3,050,000 3,052,120 0.20Alstom sr unsecur SerEMTN 2.25% /2017 3,000,000 3,014,460 0.19AXA subord SerEMTN 5.125% /2043 (1) (5) 3,000,000 2,980,990 0.19Galeries Lafayette sr unsecur 4.5% /2017 2,700,000 2,867,872 0.19Crédit Agricole jr subord 9.75% perpetual (1) (USD) 3,500,000 2,832,507 0.18Unibail-Rodamco sr unsecur SerEMTN 2.375% /2021 2,750,000 2,718,834 0.18Klepierre sr unsecur SerEMTN 2.75% /2019 2,400,000 2,435,306 0.16Michelin Luxembourg co gtd SerEMTN 2.75% /2019 (Luxembourg) (2) 2,200,000 2,288,935 0.15Legrand sr unsecur 4.25% /2017 2,000,000 2,195,367 0.15



Investments


specifiedMarket

value% of net

assets



Investments


specifiedMarket

value% of net

assets

Crédit Agricole sr unsecur SerEMTN 3.875% /2019 (1) 2,000,000 2,167,899 0.14Legrand sr unsecur SerEMTN 3.375% /2022 2,000,000 2,131,120 0.14Lafarge sr unsecur SerEMTN 6.625% /2018 1,800,000 1,988,433 0.13Danone sr unsecur SerEMTN 1.125% /2017 2,000,000 1,982,047 0.13Société Générale subord SerEMTN 4% /2023 2,000,000 1,880,800 0.12AXA jr subord SerEMTN 6.211% perpetual (1) (5) 1,600,000 1,613,616 0.10Orange sr unsecur SerEMTN 8.125% /2033 (1) 1,000,000 1,511,911 0.10BNP Paribas jr subord 8.667% perpetual (1) (5) 1,500,000 1,506,525 0.10Thales sr unsecur SerEMTN 1.625% /2018 1,500,000 1,492,160 0.10Societe Fonciere Lyonnaise sr unsecur 3.5% /2017 1,400,000 1,456,429 0.09Crédit Agricole jr subord 7.875% perpetual (1) (5) 1,300,000 1,368,146 0.09Areva sr unsecur SerEMTN 3.875% /2016 (1) 1,100,000 1,162,557 0.07Electricité de France sr unsecur SerEMTN 4.5% /2040 1,000,000 1,110,623 0.07


United KingdomLloyds TSB Bank subord SerEMTN 6.5% /2020 (1) 13,000,000 14,252,160 0.92Royal Bank of Scotland sr unsecur SerEMTN 5.5% /2020 11,070,000 12,590,116 0.82G4S International Finance co gtd SerEMTN 2.625% /2018 (1) 12,025,000 11,815,765 0.77Barclays Bank subord SerEMTN 6% /2021 (1) 9,700,000 10,508,931 0.68Nationwide Building Society nts Ser144A priv plmt 6.25% /2020 (USD) 11,565,000 9,944,635 0.64NGG Finance co gtd SerEUR 4.25% /2076 (5) 9,975,000 9,837,679 0.64Smiths Group co gtd 4.125% /2017 8,000,000 8,652,840 0.56Co-operative Bank sr unsecur SerEMTN 2.375% /2015 8,800,000 7,967,828 0.52British American Tobacco Holdings co gtd SerEMTN 2.375% /2023 (Netherlands) (1) (2) 7,725,000 7,447,425 0.48GKN Holdings sr unsecur SerEMTN 5.375% /2022 (GBP) 5,450,000 6,386,765 0.41Royal Bank of Scotland subord SerEMTN 10.5% /2022 (1) (5) 5,500,000 6,295,781 0.41Standard Chartered sr unsecur SerEMTN 1.75% /2017 6,225,000 6,193,408 0.40Imperial Tobacco Finance co gtd SerEMTN 4.5% /2018 5,500,000 6,139,831 0.40Intu SGS Finance sr secured SerEMTN 3.875% /2023 (GBP) 5,200,000 5,995,375 0.39Heathrow Funding sr secured SerEMTN 6.75% /2026 (Jersey) (2) (GBP) 4,050,000 5,853,291 0.38Standard Chartered subord nts SerEMTN 3.625% /2022 6,000,000 5,832,108 0.38Rio Tinto Finance co gtd SerEMTN 2.875% /2024 6,000,000 5,822,856 0.38WM Morrison Supermarkets co gtd SerEMTN 2.25% /2020 5,740,000 5,707,110 0.37Aviva subord SerEMTN 6.875% /2038 (1) (5) 5,200,000 5,705,375 0.37National Express Group co gtd SerEMTN 6.25% /2017 (GBP) 4,400,000 5,639,489 0.36Rolls-Royce nts SerEMTN 2.125% /2021 5,500,000 5,474,260 0.35Nationwide Building Society subord SerEMTN 6.75% /2020 (1) 5,000,000 5,401,722 0.35Nationwide Building Society subord SerEMTN 4.125% /2023 (1) (5) 5,650,000 5,367,698 0.35Rentokil Initial co gtd SerEMTN 4.625% 27/03/2014 5,175,000 5,318,451 0.34

Aviva subord 5.25% /2023 (5) 4,900,000 4,924,573 0.32SABMiller Holdings co gtd SerEMTN 1.875% /2020 (United States of America) (2) 5,000,000 4,911,470 0.32Experian Finance co gtd SerEMTN 4.75% /2020 4,000,000 4,575,342 0.30Prudential jr subord SerEMTN 11.75% perpetual (1) (5) (USD) 4,600,000 3,974,062 0.26Compass Group sr unsecur SerEMTN 3.125% /2019 (1) 3,450,000 3,649,726 0.24BAT International Finance co gtd SerEMTN 3.625% /2021 (1) 3,350,000 3,627,008 0.23Imperial Tobacco Finance co gtd SerEMTN 7.25% /2014 3,000,000 3,230,020 0.21Everything Everywhere Finance co gtd SerEMTN 3.5% /2017 (1) 3,000,000 3,086,166 0.20Coventry Building Society sr unsecur SerEMTN 2.25% /2017 3,000,000 3,017,472 0.20Heathrow Funding secured SerEMTN 6.25% /2018 (Jersey) (2) (GBP) 2,250,000 2,944,132 0.19LBG Capital No.2 bnk gtd Ser22 15% /2019 2,000,000 2,798,880 0.18Westfield UK & Europe Finance co gtd SerEMTN 4.25% /2022 (GBP) 2,150,000 2,612,071 0.17HSBC Holdings subord 3.625% /2020 (1) (5) 2,498,000 2,549,872 0.16ICAP Group Holdings sr unsecur SerGMTN 7.5% /2014 (1) 2,400,000 2,530,560 0.16HBOS subord SerEMTN 4.5% /2030 (5) 2,830,000 2,490,909 0.16Anglo American Capital co gtd Ser144A priv plmt 9.375% /2019 (USD) 2,390,000 2,322,259 0.15High Speed Rail Finance 1 sr secured SerEMTN 4.375% /2038 (GBP) 2,000,000 2,310,172 0.15WPP 2008 co gtd SerEMTN 6.625% /2016 2,000,000 2,302,961 0.15InterContinental Hotels Group co gtd SerEMTN 3.875% /2022 (GBP) 1,900,000 2,190,873 0.14Standard Chartered sr unsecur SerEMTN 4.125% /2019 (1) 2,000,000 2,188,683 0.14Nationwide Building Society sr unsecur SerEMTN 3.75% /2015 2,000,000 2,079,229 0.13Heathrow Funding sr secured Ser144A priv plmt 4.6% /2018 (Jersey) (2) 1,750,000 1,962,049 0.13InterContinental Hotels Group co gtd SerEMTN 6% /2016 (GBP) 1,267,000 1,666,069 0.11BP Capital Markets co gtd SerEMTN 2.994% /2019 1,500,000 1,592,978 0.10FCE Bank sr unsecur SerEMTN 2.875% /2017 1,450,000 1,502,507 0.10Barclays Bank jr subord SerRCI 14% perpetual (5) (GBP) 900,000 1,372,047 0.09Standard Chartered Bank jr subord 9.5% perpetual (5) (USD) 1,300,000 1,077,221 0.07


ItalyIntesa Sanpaolo sr unsecur Ser144A priv plmt 6.5% /2021 (USD) 26,000,000 20,156,131 1.30Enel Finance International co gtd Ser144A priv plmt 5.125% /2019 (Netherlands) (2) (USD) 24,750,000 19,685,787 1.28Banca Monte dei Paschi di Siena covered SerEMTN 4.875% /2016 13,000,000 13,271,479 0.86Banco Popolare covered RegS 4.75% /2016 11,000,000 11,487,679 0.74Davide Campari-Milano sr unsecur 5.375% /2016 9,000,000 9,736,245 0.63Assicurazioni Generali subord SerEMTN 10.125% /2042 (1) (5) 8,000,000 9,666,664 0.63A2A sr unsecur 4.5% /2016 8,000,000 8,420,660 0.55Snam sr unsecur SerEMTN 5.25% /2022 7,450,000 8,301,479 0.54Finmeccanica Finance co gtd SerEMTN 8.125% 03/12/2013 (Luxembourg) (2) 8,000,000 8,214,760 0.53Intesa Sanpaolo sr unsecur SerEMTN 4.125% /2016 (1) 7,500,000 7,757,276 0.50




France (continued)



Investments


specifiedMarket

value% of net

assets

Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (2) 6,000,000 6,688,392 0.43Gtech Spa co gtd 5.375% /2018 6,000,000 6,630,873 0.43Assicurazioni Generali sr unsecur SerEMTN 5.125% /2024 6,000,000 6,393,870 0.41UniCredit sr unsecur SerEMTN 4.875% /2017 5,600,000 5,894,731 0.38Terna Rete Elettrica Nazionale sr unsecur SerEMTN 4.75% /2021 5,000,000 5,619,872 0.36Telecom Italia sr unsecur SerEMTN 8.25% /2016 3,500,000 3,985,546 0.26Snam sr unsecur SerEMTN 2.375% /2017 (1) 3,950,000 3,962,729 0.26UniCredit covered SerEMTN 2.75% /2020 3,200,000 3,226,134 0.21Banca Monte dei Paschi di Siena sr unsecur SerEMTN 4.75% 30/04/2014 3,000,000 3,012,735 0.20Snam sr unsecur SerEMTN 4.375% /2016 2,400,000 2,572,625 0.17Pirelli & Co co gtd RegS 5.125% /2016 2,350,000 2,500,776 0.16Davide Campari-Milano sr unsecur 4.5% /2019 (1) 2,200,000 2,309,098 0.15Assicurazioni Generali sr subord SerEMTN 7.75% /2042 (1) (5) 2,100,000 2,235,187 0.15UniCredit sr unsecur SerEMTN 5.25% 14/01/2014 (1) 2,000,000 2,047,020 0.13Telecom Italia sr unsecur SerEMTN 7% /2017 (1) 1,000,000 1,115,182 0.07Terna Rete Elettrica Nazionale sr unsecur SerEMTN 4.125% /2017 1,000,000 1,073,711 0.07


United States of AmericaGoldman Sachs Group sr unsecur RegS 4.5% /2016 (1) 12,000,000 12,924,984 0.84Genworth Holdings co gtd 7.2% /2021 (USD) 15,000,000 12,913,313 0.84Citigroup sr unsecur SerEMTN 4% /2015 11,465,000 12,205,427 0.79Bank of America sr unsecur SerEMTN 7% /2016 10,000,000 11,601,325 0.75Goldman Sachs Group sr unsecur SerEMTN 4.375% /2017 10,000,000 10,808,970 0.70JPMorgan Chase & Co sr unsecur SerEMTN 2.875% /2028 (1) 10,500,000 9,997,034 0.65JPMorgan Chase & Co subord nts 3.375% /2023 (USD) 11,350,000 8,101,599 0.52GE Capital Trust II RegS 5.5% /2067 (1) (5) 7,600,000 7,656,495 0.50Citigroup sr unsecur SerEMTN 7.375% 16/06/2014 6,000,000 6,385,614 0.41GE Capital European Funding co gtd SerEMTN 3.75% /2016 (Ireland) (2) 5,500,000 5,888,278 0.38Philip Morris International sr unsecur 1.75% /2020 (1) 5,500,000 5,339,095 0.34JPMorgan Chase & Co sr unsecur 3.25% /2022 (USD) 6,295,000 4,578,647 0.30AT&T sr unsecur 3.55% /2032 4,500,000 4,439,880 0.29Bank of America sr unsecur SerEMTN 4.75% /2017 4,000,000 4,428,022 0.29GE Capital European Funding co gtd SerEMTN 4.125% /2016 (Ireland) (1) (2) 4,000,000 4,361,314 0.28CRH Finance co gtd SerEMTN 7.375% 28/05/2014 (Ireland) (2) 4,000,000 4,233,860 0.27Wells Fargo & Co sr unsecur SerEMTN 2.625% /2022 3,950,000 3,967,449 0.26AT&T sr unsecur 2.5% /2023 (1) 4,000,000 3,880,660 0.25American International Group sr unsecur 6.4% /2020 (USD) 3,985,000 3,537,647 0.23

Wells Fargo & Co sr unsecur SerEMTN 2.25% /2023 (1) 3,450,000 3,319,378 0.22Citigroup subord SerEMTN 1.469% /2017 (5) 3,275,000 3,110,611 0.20Metropolitan Life Global Funding secured SerGMTN 2.375% /2019 (1) 2,550,000 2,604,945 0.17Procter & Gamble sr unsecur RegS 2% /2022 2,625,000 2,558,555 0.16Philip Morris International sr unsecur 2.125% /2019 2,000,000 2,012,079 0.13Bank of America sr unsecur SerEMTN 4.625% /2017 1,000,000 1,105,677 0.07NASDAQ OMX Group sr unsecur 3.875% /2021 1,000,000 1,022,320 0.07


SpainFerrovial Emisiones co gtd RegS 3.375% /2018 14,000,000 14,257,747 0.92CaixaBank sr unsecur SerDMTN 4.125% /2014 (1) 13,050,000 13,453,904 0.87Santander International Debt bnk gtd SerEMTN 3.5% /2015 (1) 11,500,000 11,733,565 0.76Amadeus Capital Markets co gtd SerEMTN 4.875% /2016 10,000,000 10,935,995 0.71Santander Consumer Finance sr unsecur 3.25% 20/06/2014 9,900,000 10,057,821 0.65Banco Bilbao Vizcaya Argentaria covered 3.625% /2017 9,600,000 9,949,699 0.64CaixaBank sr unsecur SerEMTN 3.25% /2016 (1) 9,800,000 9,855,625 0.64Prosegur Cia de Seguridad sr unsecur SerEMTN 2.75% /2018 (1) 9,700,000 9,641,582 0.63Telefonica Emisiones co gtd SerEMTN 4.71% /2020 (1) 7,800,000 8,190,714 0.53BBVA Senior Finance co gtd SerGMTN 3.25% /2016 (1) 6,500,000 6,527,905 0.42Telefonica Emisiones co gtd SerEMTN 4.693% /2019 (1) 6,000,000 6,333,090 0.41Telefonica Emisiones co gtd SerEMTN 4.797% /2018 (1) 5,500,000 5,910,009 0.38Red Electrica Financiaciones co gtd SerEMTN 2.375% /2019 5,000,000 4,826,050 0.31Telefonica Emisiones co gtd SerEMTN 4.967% /2016 4,100,000 4,386,379 0.28CaixaBank covered 3% /2018 4,200,000 4,174,174 0.27CaixaBank sr unsecur SerEMTN 3.75% 05/11/2013 4,050,000 4,084,061 0.27Telefonica Emisiones co gtd SerGMTN 3.961% /2021 (1) 4,000,000 3,970,740 0.26Banco Bilbao Vizcaya Argentaria subord 4.375% /2019 (1) (5) 3,500,000 3,102,969 0.20Gas Natural Capital Markets co gtd SerEMTN 4.125% /2017 2,700,000 2,864,989 0.19Ferrovial Emisiones co gtd RegS 3.375% /2021 2,300,000 2,222,847 0.14Gas Natural Capital Markets co gtd Ser9 4.125% /2018 850,000 902,529 0.06


NetherlandsCooperatieve Centrale Raiffeisen-Boerenleenbank sr unsecur RegS 6.875% /2020 (1) 15,400,000 16,618,448 1.08Achmea Hypotheekbank sr unsecur SerEMTN 2% /2018 12,000,000 11,739,294 0.76ABN Amro Bank subord SerEMTN 6.375% /2021 (1) 9,500,000 10,479,132 0.68ING Bank sr unsecur SerEMTN 1.875% /2018 10,000,000 9,932,700 0.64Aegon sr unsecur 4.625% /2015 (USD) 12,000,000 9,924,145 0.64Alliander subord 4.875% perpetual (5) 6,445,000 6,777,443 0.44SRLEV bnk gtd 9% /2041 (1) 6,850,000 6,699,917 0.43



Investments


specifiedMarket

value% of net

assets Corporate Bonds (continued)

Italy (continued)





ABN Amro Bank sr unsecur SerEMTN 4.125% /2022 5,000,000 5,485,198 0.35Repsol International Finance co gtd SerEMTN 4.75% /2017 4,250,000 4,613,726 0.30ABN Amro Bank sr unsecur Ser144A priv plmt 4.25% /2017 (USD) 5,500,000 4,490,528 0.29Nederlandse Gasunie sr unsecur SerEMTN 0.875% /2015 4,100,000 4,107,519 0.27TenneT Holding subord 6.655% perpetual (5) 3,500,000 3,826,841 0.25Iberdrola International co gtd SerEMTN 5.75% perpetual (5) 2,800,000 2,790,172 0.18ING Bank subord SerEMTN 6.125% /2023 (5) 2,500,000 2,710,089 0.18Cooperatieve Centrale Raiffeisen-Boerenleenbank jr subord Ser144A priv plmt 11% perpetual (5) (USD) 2,675,000 2,638,981 0.17Enexis Holding sr unsecur SerEMTN 1.875% /2020 2,200,000 2,155,960 0.14Repsol International Finance co gtd SerEMTN 4.375% /2018 2,000,000 2,136,683 0.14Achmea subord SerEMTN 6% /2043 (1) (5) 1,200,000 1,234,656 0.08


GermanyMuenchener Rueckversicherungs subord SerEMTN 6% /2041 (5) 9,000,000 10,252,062 0.66Linde Finance co gtd 7.375% /2066 (Netherlands) (2) (5) 8,700,000 9,968,243 0.65HSE Netz sr secured 6.125% /2041 (1) 7,500,000 9,775,650 0.63Siemens Financieringsmaatschappij co gtd SerEMTN 1.75% /2021 (Netherlands) (1) (2) 9,000,000 8,792,816 0.57Allianz Finance II co gtd SerEMTN 5.75% /2041 (Netherlands) (2) (5) 7,000,000 7,747,821 0.50Volkswagen International Finance co gtd SerEMTN 1% /2016 (Netherlands) (2) 7,750,000 7,703,132 0.50Commerzbank subord SerEMTN 7.75% /2021 7,000,000 7,392,070 0.48Celesio Finance co gtd 4.5% /2017 (Netherlands) (1) (2) 6,225,000 6,538,429 0.42Deutsche Telekom International Finance co gtd SerEMTN 2.75% /2024 (Netherlands) (1) (2) 5,050,000 4,897,778 0.32SAP sr unsecur SerEMTN 2.125% /2019 4,865,000 4,830,848 0.31Deutsche Boerse sr unsecur 2.375% /2022 4,025,000 4,003,831 0.26BMW US Capital co gtd SerEMTN 1% /2017 (United States of America) (2) 3,475,000 3,429,898 0.22RWE jr subord 7% perpetual (5) (GBP) 2,600,000 3,229,302 0.21MAN sr unsecur SerEMTN 1% /2015 2,900,000 2,914,894 0.19SGL Carbon sr unsecur CV 2.75% /2018 2,900,000 2,881,730 0.19Siemens Financieringsmaatschappij co gtd SerWW CV 1.65% /2019 (Netherlands) (2) (USD) 3,000,000 2,390,715 0.16Vier Gas Transport sr unsecur SerEMTN 2% /2020 2,400,000 2,378,112 0.15Brenntag Finance co gtd 5.5% /2018 (Netherlands) (2) 1,500,000 1,680,683 0.11Bilfinger sr unsecur 2.375% /2019 1,550,000 1,557,487 0.10Muenchener Rueckversicherungs jr subord 5.767% perpetual (1) (5) 1,200,000 1,246,000 0.08


United Arab EmiratesXstrata Finance Dubai co gtd SerEMTN 2.625% /2018 (1) 15,075,000 14,784,369 0.96IPIC GMTN co gtd RegS 5.875% /2021 (Cayman Islands) (2) 8,000,000 9,440,400 0.61

ADCB Finance Cayman co gtd SerGMTN 2.5% /2018 (Cayman Islands) (2) (USD) 9,000,000 6,670,690 0.43Abu Dhabi National Energy sr unsecur RegS 3.625% /2023 (USD) 7,000,000 5,006,761 0.32IPIC GMTN co gtd RegS 2.375% /2018 (Cayman Islands) (2) 1,750,000 1,767,489 0.12


BelgiumUCB sr unsecur 5.75% /2016 7,000,000 7,653,835 0.49Anheuser-Busch InBev co gtd SerEMTN 8.625% /2017 5,825,000 7,348,217 0.48Barry Callebaut Services co gtd 5.625% /2021 5,600,000 6,122,788 0.39Brussels Airport Holding / SA sr secured SerEMTN 3.25% /2020 3,000,000 3,041,205 0.20BNP Paribas Fortis subord SerEMTN 5.757% /2017 (1) 1,500,000 1,684,694 0.11


AustraliaOrigin Energy Finance co gtd SerEMTN 7.875% /2071 (5) 8,000,000 8,281,880 0.54BHP Billiton Finance co gtd SerEMTN 2.25% /2020 5,625,000 5,595,803 0.36QBE Capital Funding III co gtd Ser144A priv plmt 7.25% /2041 (Jersey) (2) (5) (USD) 6,100,000 4,965,212 0.32Amcor co gtd SerEMTN 2.75% /2023 3,600,000 3,496,032 0.23Telstra sr unsecur SerEMTN 2.5% /2023 (1) 3,000,000 2,917,965 0.19Origin Energy Finance co gtd SerEMTN 2.875% /2019 450,000 454,828 0.03


SwedenNordea Bank subord SerEMTN 4.625% /2022 (5) 7,000,000 7,476,658 0.49Swedbank sr unsecur Ser144A priv plmt 2.125% /2017 (USD) 7,045,000 5,363,724 0.35Svenska Handelsbanken sr unsecur SerEMTN 2.625% /2022 (1) 4,225,000 4,253,470 0.28Nordea Bank jr subord SerEMTN 8.375% perpetual (5) (USD) 4,900,000 4,043,146 0.26Swedbank sr unsecur SerGMTN 2.375% /2016 (1) 2,000,000 2,065,752 0.13Securitas sr unsecur SerEMTN 2.75% /2017 1,975,000 2,038,131 0.13


NorwaySparebank 1 SR Bank sr unsecur SerEMTN 2.125% /2020 6,450,000 6,280,268 0.41Statkraft sr unsecur SerEMTN 2.5% /2022 4,500,000 4,445,251 0.29Sparebank 1 SR Bank sr unsecur 3.625% /2015 4,000,000 4,180,492 0.27Sparebank 1 SR Bank sr unsecur SerEMTN 2% /2018 3,750,000 3,743,389 0.24


SwitzerlandCloverie for Zurich Insurance subord SerEMTN 7.5% /2039 (Ireland) (2) (5) 9,500,000 11,484,170 0.74Aquarius and Investments for Zurich Insurance secured SerEMTN 4.25% /2043 (Ireland) (2) (5) 3,000,000 2,948,834 0.19UBS jr subord 4.28% perpetual (5) 1,100,000 1,090,287 0.07UBS jr subord SerEMTN 7.152% perpetual (5) 250,000 269,995 0.02




Investments


specifiedMarket

value% of net

assets

Investments


specifiedMarket

value% of net

assets


Netherlands (continued)


United Arab Emirates (continued)



DenmarkDONG Energy subord SerEXCH 6.25% /3013 (5) 8,808,000 9,005,475 0.58TDC sr unsecur SerEMTN 3.75% /2022 3,000,000 3,198,792 0.21


MexicoPetroleos Mexicanos co gtd SerEMTN 5.5% /2017 6,800,000 7,536,668 0.49America Movil sr unsecur SerEMTN 4.125% /2019 4,000,000 4,395,840 0.28


LuxembourgArcelorMittal sr unsecur 10.625% /2016 (1) 5,300,000 6,263,726 0.41Glencore Finance Europe co gtd SerEMTN step cpn 4.625% /2018 3,500,000 3,757,026 0.24


PortugalEDP Finance sr unsecur SerEMTN 5.75% /2017 (Netherlands) (2) 3,375,000 3,585,313 0.23EDP Finance sr unsecur SerEMTN 5.5% 18/02/2014 (Netherlands) (1) (2) 3,300,000 3,362,139 0.22EDP Finance sr unsecur SerEMTN 5.875% /2016 (Netherlands) (2) 2,500,000 2,618,488 0.17


BrazilPetrobras International Finance co gtd 4.875% /2018 (Cayman Islands) (2) 7,700,000 8,269,800 0.54


RussiaGazprom Via Gaz Capital sr unsecur SerEMTN LPN 6.605% /2018 (Luxembourg) (2) 6,800,000 7,744,292 0.50


FinlandFortum sr unsecur SerEMTN 2.25% /2022 7,400,000 7,149,717 0.46


Hong KongHutchison Whampoa Europe Finance 12 co gtd SerEMTN 2.5% /2017 (Cayman Islands) (2) 6,000,000 6,184,167 0.40


Czech RepublicCEZ sr unsecur Ser144A priv plmt 4.25% /2022 (USD) 6,130,000 4,701,810 0.30

Total for Czech Republic 0.30

AustriaAtrium European Real Estate sr unsecur 4% /2020 (Jersey) (1) (2) 3,550,000 3,534,771 0.23


JerseyASIF III Jersey sr secured SerEMTN 4.75% 11/09/2013 (1) 3,000,000 3,024,480 0.20


QatarQtel International Finance co gtd RegS 3.25% /2023 (Bermuda) (2) (USD) 3,250,000 2,268,922 0.15


IrelandBord Gais Eireann sr unsecur SerEMTN 3.625% /2017 1,450,000 1,514,401 0.10



Mutual Fund




United KingdomTaurus 2013-GMF1 A 1.259% /2024 (5) 5,800,000 5,800,000 0.38




DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro BOBL Future 09/2013 41 5,122,950 Goldman Sachs 8,570 0.00Euro Bund Future 09/2013 (119) (16,783,760) Goldman Sachs 60,550 0.00Long Gilt Future 09/2013 (221) (28,763,780) Goldman Sachs 1,375,356 0.10US 2yr T-note Future 09/2013 (155) (26,160,883) Goldman Sachs 57,618 0.00US 5yr T-note Future 09/2013 (237) (21,959,961) Goldman Sachs 332,231 0.02US 10yr T-note Future 09/2013 (425) (41,127,731) Goldman Sachs 52,317 0.00

Unrealised Gain on Futures Contracts 1,886,642 0.12

Investments


specifiedMarket

value% of net

assets



Investments


specifiedMarket

value% of net





Duration Hedged Share ClassEuro BOBL Future 09/2013 (1,536) (191,923,200) Goldman Sachs 1,691,280 0.12Euro Bund Future 09/2013 (677) (95,484,080) Goldman Sachs 1,209,490 0.08Euro SCHATZ Future 09/2013 (1,171) (129,167,155) Goldman Sachs 200,080 0.01

Unrealised Gain on Duration Hedged Futures Contracts 3,100,850 0.21

Total Unrealised Gain on Futures Contracts 4,987,492 0.33

Euro SCHATZ Future 09/2013 1,459 160,934,995 Goldman Sachs (208,122) (0.02)US Long Bond Future 09/2013 294 30,417,937 Goldman Sachs (1,377,460) (0.09)US Ultra Bond Future 09/2013 376 41,967,830 Goldman Sachs (2,675,968) (0.17)

Total Unrealised Loss on Futures Contracts (4,261,550) (0.28)


1 Cash of EUR 5,502,250 held as collateral by the counterparty.1 Cash of EUR 648,926 paid as collateral by the counterparty.


Maturity date

Amount bought Ccy



EUR% of net

assets

17/07/2013 13,000,000 USD 9,800,770 EUR Westpac Bank 175,579 0.01 19/07/2013 42,785,911 EUR 36,520,000 GBP RBC 152,863 0.01


USD Hedged Share Class05/07/2013 14,749,855 USD 11,267,699 EUR J.P. Morgan 52,041 0.00



17/07/2013 51,979,898 EUR 69,010,000 USD Westpac Bank (979,168) (0.07)17/07/2013 47,341,259 EUR 62,910,000 USD HSBC (936,596) (0.06)17/07/2013 47,343,432 EUR 62,910,000 USD RBC (934,423) (0.06)17/07/2013 47,356,654 EUR 62,910,000 USD Commonwealth Bank (921,201) (0.06)17/07/2013 4,620,244 EUR 6,100,000 USD J.P. Morgan (60,966) 0.00





Notional amount




assets

Buy Koninklijke DSM 4% 10/11/2015 EUR 2,200,000 20/12/2013 Barclays Capital (11,799) 0.00

Sell iTraxx Europe Series 19 01/06/2018 EUR 5,000,000 20/06/2018 Barclays Capital (39,225) 0.00

Sell iTraxx Europe Senior Financials Series 19 01/06/2018 EUR 60,000,000 20/06/2018 Morgan Stanley (1,747,676) (0.12)

Net Unrealised Loss on Credit Default Swap Contracts (1,798,700) (0.12)

Interest Rate Swap Contracts

Description CurrencyNotional amount




assets

Pay fixed rate 2.040% Receive floating rate USD LIBOR 3 months USD 30,990,000 13/02/2023 Bank of America 1,070,529 0.07

Pay fixed rate 2.058% Receive floating rate USD LIBOR 3 months USD 40,530,000 06/02/2023 J.P. Morgan 1,327,540 0.09

Pay fixed rate 2.091% Receive floating rate USD LIBOR 3 months USD 47,190,000 15/02/2023 J.P. Morgan 1,465,338 0.09

Pay fixed rate 2.803% Receive floating rate USD LIBOR 3 months USD 19,070,000 01/05/2043

Royal Bank of Scotland 1,816,990 0.12

Pay fixed rate 2.903% Receive floating rate USD LIBOR 3 months USD 28,530,000 13/05/2043 UBS 2,300,383 0.15

Unrealised Gain on Interest Rate Swap Contracts 7,980,780 0.52

Pay fixed rate 3.706% Receive floating rate USD LIBOR 3 months USD 46,700,000 25/01/2020 Bank of America (4,338,511) (0.28)

Unrealised Loss on Interest Rate Swap Contracts (4,338,511) (0.28)

Net Unrealised Gain on Interest Rate Swap Contracts 3,642,269 0.24

Cash of EUR 7,648,078 paid as collateral by the counterparties in relation to the above OTC contracts.Cash of EUR 3,830,536 held as collateral by the counterparties in relation to the above OTC contracts.







Futures Contracts (continued)

DescriptionMaturity





assets



Euro Strategic Bond Fund

INVESTMENT AIM

To provide an attractive rate of return, measured in Euro, through market, instrument and currency selection. The Fund consists of fixed income securities of varying maturities denominated primarily in the Euro and other European currencies and may invest in other fixed income securities denominated in other currencies including Emerging Markets fixed income securities.



Investments


specifiedMarket

value% of net


United KingdomLloyds TSB Bank subord SerEMTN 6.5% /2020 (1) 2,300,000 2,521,536 0.50Barclays Bank subord SerEMTN 6% /2021 2,300,000 2,491,808 0.50Royal Bank of Scotland sr unsecur SerEMTN 5.5% /2020 1,800,000 2,047,173 0.41Nationwide Building Society sr unsecur SerEMTN 3.75% /2015 1,600,000 1,663,383 0.33Abbey National Treasury Services covered SerEMTN 3.625% /2016 1,500,000 1,627,042 0.33HSBC Holdings subord SerEMTN 6% /2019 1,300,000 1,501,577 0.30BP Capital Markets co gtd SerEMTN 3.472% /2016 (1) 1,200,000 1,281,946 0.26NGG Finance co gtd SerEUR 4.25% /2076 (5) 1,100,000 1,084,857 0.22Nationwide Building Society subord SerEMTN 6.75% /2020 (1) 1,000,000 1,080,344 0.22HSBC Holdings sr unsecur 4% /2022 (USD) 1,375,000 1,075,568 0.21Standard Chartered sr unsecur 3.875% /2016 1,000,000 1,072,343 0.21Nationwide Building Society covered SerEMTN 3.5% /2015 1,000,000 1,066,557 0.21Yorkshire Building Society covered SerEMTN 3.25% /2015 1,000,000 1,054,274 0.21G4S International Finance co gtd SerEMTN 2.625% /2018 975,000 958,035 0.19Aviva subord SerEMTN 6.875% /2038 (5) 800,000 877,750 0.18FCE Bank sr unsecur SerEMTN 4.75% /2015 (1) 800,000 842,834 0.17Bank of Scotland covered SerEMTN 4.625% /2017 700,000 793,757 0.16GKN Holdings sr unsecur SerEMTN 5.375% /2022 (GBP) 650,000 761,724 0.15Nationwide Building Society subord SerEMTN 4.125% /2023 (1) (5) 750,000 712,526 0.14Intu SGS Finance sr secured SerEMTN 3.875% /2023 (GBP) 600,000 691,774 0.14Imperial Tobacco Finance co gtd SerEMTN 7.25% /2014 600,000 646,004 0.13HSBC Bank sr unsecur SerEMTN 3.125% /2017 600,000 641,380 0.13Imperial Tobacco Finance co gtd SerEMTN 8.375% /2016 500,000 589,231 0.12William Hill co gtd 4.25% /2020 (GBP) 500,000 566,288 0.11Anglian Water Osprey Financing sr secured SerEMTN 7% /2018 (GBP) 450,000 558,111 0.11WM Morrison Supermarkets co gtd SerEMTN 2.25% /2020 550,000 546,848 0.11British American Tobacco Holdings co gtd SerEMTN 2.375% /2023 (Netherlands) (1) (2) 550,000 530,237 0.11Kelda Finance No 3 sr secured RegS 5.75% /2020 (GBP) 450,000 525,532 0.10Westfield UK & Europe Finance co gtd SerEMTN 4.25% /2022 (GBP) 400,000 485,967 0.10Anglo American Capital co gtd Ser144A priv plmt 9.375% /2019 (USD) 500,000 485,828 0.10Rolls-Royce nts SerEMTN 2.125% /2021 475,000 472,777 0.09High Speed Rail Finance 1 sr secured SerEMTN 4.375% /2038 (GBP) 400,000 462,034 0.09Experian Finance co gtd SerEMTN 4.75% /2020 400,000 457,534 0.09Heathrow Funding sr secured Ser144A priv plmt 4.6% /2018 (Jersey) (2) 400,000 448,468 0.09Everything Everywhere Finance co gtd SerEMTN 3.5% /2017 425,000 437,207 0.09BAT International Finance co gtd SerEMTN 3.625% /2021 400,000 433,076 0.09



Investments


specifiedMarket

value% of net

assets



Investments


specifiedMarket

value% of net

assets

Crédit Agricole sr unsecur Ser144A priv plmt 3% /2017 (USD) 1,515,000 1,179,307 0.24BNP Paribas bnk gtd SerBKNT 5% /2021 (USD) 1,370,000 1,113,130 0.22Compagnie de Financement Foncier covered SerEMTN 4.375% /2021 900,000 1,043,850 0.21Europcar Groupe secured RegS 11.5% /2017 925,000 1,022,976 0.20Societe Des Autoroutes Paris-Rhin-Rhone sr unsecur SerEMTN 5% /2017 900,000 995,851 0.20AXA subord SerEMTN 5.25% /2040 (5) 950,000 970,548 0.19Holding Medi-Partenaires sr secured RegS 7% /2020 1,000,000 961,520 0.19Christian Dior sr unsecur 4% /2016 900,000 956,101 0.19GELF Bond Issuer I co gtd SerEMTN 3.125% /2018 (Luxembourg) (2) 950,000 943,860 0.19Elior Finance & Co sr secured RegS 6.5% /2020 (Luxembourg) (2) 900,000 917,766 0.18Electricité de France unsecur SerEMTN 2.75% /2023 900,000 893,862 0.18Orange sr unsecur SerEMTN 1.875% /2019 (1) 900,000 883,271 0.18Mercialys sr unsecur 4.125% /2019 800,000 863,440 0.17BNP Paribas subord SerEMTN 5.431% /2017 (1) 750,000 836,629 0.17Electricité de France subord SerEMTN 4.25% perpetual (5) 800,000 810,500 0.16Compagnie Generale des Etablissements Michelin sr unsecur SerML CV 0% /2017 582,300 775,685 0.15Crown European Holdings co gtd RegS 7.125% /2018 700,000 746,623 0.15Vivendi sr unsecur SerEMTN 3.875% /2015 700,000 745,035 0.15Foncière des Regions sr unsecur 3.875% /2018 700,000 731,442 0.15Lafarge sr unsecur SerEMTN 6.625% /2018 650,000 718,045 0.14SA de Gestion des Stocks de Securite sr unsecur 1.75% /2019 700,000 702,239 0.14Unibail-Rodamco sr unsecur SerEMTN 2.375% /2021 700,000 692,067 0.14Banque Federative du Credit Mutuel sr unsecur SerEMTN 3% /2015 (1) 650,000 678,636 0.14Carrefour sr unsecur SerEMTN 1.875% /2017 650,000 650,664 0.13RCI Banque sr unsecur SerEMTN 5.625% /2015 600,000 636,753 0.13Eutelsat sr unsecur 5% /2019 500,000 568,649 0.11AXA subord SerEMTN 5.125% /2043 (1) (5) 550,000 546,515 0.11Crédit Agricole sr unsecur SerEMTN 3.875% /2019 (1) 500,000 541,975 0.11Societe Fonciere Lyonnaise sr unsecur 4.625% /2016 500,000 534,461 0.11Edenred sr unsecur 3.625% /2017 500,000 533,835 0.11Unibail-Rodamco sr unsecur SerEMTN 1.625% /2017 525,000 526,137 0.11Alstom sr unsecur SerEMTN 2.25% /2017 500,000 502,410 0.10Veolia Environnement sr unsecur SerEMTN 5.125% /2022 (1) 400,000 466,643 0.09Areva sr unsecur SerEMTN 4.625% /2017 400,000 434,635 0.09Arkema sr unsecur 3.85% /2020 (1) 400,000 429,404 0.09Socram Banque sr unsecur 2.125% /2016 400,000 399,976 0.08Legrand sr unsecur SerEMTN 4.375% /2018 300,000 335,994 0.07Société Générale sr unsecur SerEMTN 4% /2016 (1) 300,000 321,916 0.06AXA sr unsecur SerEMTN 4.5% /2015 300,000 316,945 0.06Klepierre sr unsecur SerEMTN 2.75% /2019 300,000 304,413 0.06Banque Federative du Credit Mutuel sr unsecur SerEMTN 0.349% 27/02/2014 (5) 300,000 300,171 0.06Air Liquide Finance co gtd SerEMTN 2.125% /2021 300,000 297,579 0.06Banque Federative du Credit Mutuel sr unsecur SerEMTN 2% /2019 300,000 296,409 0.06Gecina sr unsecur SerEMTN 4.25% /2016 200,000 213,626 0.04Legrand sr unsecur SerEMTN 3.375% /2022 200,000 213,112 0.04Societe Fonciere Lyonnaise sr unsecur 3.5% /2017 200,000 208,061 0.04Thales sr unsecur SerEMTN 1.625% /2018 200,000 198,955 0.04Veolia Environnement sr unsecur SerEMTN 6.75% /2019 150,000 186,508 0.04Société Générale sr unsecur SerEMTN 3.75% /2014 (1) 150,000 155,247 0.03

Barclays Bank sr unsecur SerEMTN 4.125% /2016 400,000 430,548 0.09Royal Bank of Scotland subord SerEMTN 6.934% /2018 (1) 400,000 419,352 0.08Standard Chartered subord nts SerEMTN 3.625% /2022 425,000 413,108 0.08Bakkavor Finance 2 sr secured RegS 8.25% /2018 (1) (GBP) 325,000 380,435 0.08Compass Group sr unsecur SerEMTN 3.125% /2019 350,000 370,262 0.07Co-operative Bank sr unsecur SerEMTN 2.375% /2015 400,000 362,174 0.07Heathrow Finance sr secured RegS 5.375% /2019 (GBP) 300,000 351,045 0.07Rio Tinto Finance co gtd SerEMTN 2.875% /2024 350,000 339,667 0.07National Express Group co gtd SerEMTN 6.25% /2017 (GBP) 250,000 320,425 0.06FCE Bank sr unsecur SerEMTN 9.375% 17/01/2014 300,000 313,684 0.06HSBC Holdings subord 3.625% /2020 (1) (5) 300,000 306,230 0.06Royal Bank of Scotland subord SerEMTN 10.5% /2022 (5) 258,000 295,329 0.06HBOS subord SerEMTN 4.5% /2030 (5) 300,000 264,054 0.05FCE Bank sr unsecur SerEMTN 2.875% /2017 250,000 259,053 0.05Rentokil Initial co gtd SerEMTN 4.625% 27/03/2014 250,000 256,930 0.05Standard Chartered sr unsecur SerEMTN 1.75% /2017 250,000 248,731 0.05InterContinental Hotels Group co gtd SerEMTN 3.875% /2022 (GBP) 200,000 230,618 0.05Barclays Bank jr subord SerRCI 14% perpetual (5) (GBP) 150,000 228,675 0.05Virgin Media Secured Finance sr secured 5.5% /2021 (GBP) 200,000 227,099 0.05Imperial Tobacco Finance co gtd SerEMTN 4.5% /2018 200,000 223,267 0.04BP Capital Markets co gtd SerEMTN 3.83% /2017 (1) 200,000 219,897 0.04Smiths Group co gtd 4.125% /2017 195,000 210,913 0.04InterContinental Hotels Group co gtd SerEMTN 6% /2016 (GBP) 150,000 197,246 0.04Barclays Bank sr unsecur 3.5% /2015 (1) 150,000 156,630 0.03Leek Finance 17X A2C 0.492% /2037 (5) 146,788 150,479 0.03Granite Master Issuer 2006-4 A7 0.342% /2054 (5) 119,327 116,165 0.02Standard Chartered sr unsecur SerEMTN 4.125% /2019 (1) 100,000 109,434 0.02Granite Master Issuer 2007-2 3A2 0.32% /2054 (5) 89,495 87,124 0.02


FranceSociété Générale sr unsecur Ser144A priv plmt 5.2% /2021 (USD) 2,445,000 1,978,812 0.39Crédit Agricole subord SerEMTN 3.9% /2021 (1) 1,650,000 1,628,457 0.32BPCE sr unsecur SerEMTN 2% /2018 1,600,000 1,604,201 0.32BNP Paribas Home Loan covered 3.875% /2021 1,200,000 1,362,812 0.27BNP Paribas Home Loan covered SerEMTN 3.75% /2021 1,100,000 1,237,513 0.25




France (continued)




France (continued)

Investments


specifiedMarket

value% of net

assets



Investments


specifiedMarket

value% of net

assets

NetherlandsING Bank govt liquid gtd SerEMTN 3.375% 03/03/2014 2,500,000 2,553,500 0.51Achmea Hypotheekbank sr unsecur SerEMTN 2% /2018 1,450,000 1,418,498 0.28LeasePlan sr unsecur SerEMTN 4.125% /2015 1,200,000 1,255,148 0.25ING Bank sr unsecur 4.875% /2021 1,000,000 1,150,198 0.23ABN Amro Bank covered SerEMTN 1.875% /2019 1,050,000 1,062,192 0.21ABN Amro Bank covered SerEMTN 3.75% /2014 1,000,000 1,034,423 0.21Volkswagen International Finance co gtd SerEMTN 1.875% /2017 1,000,000 1,020,257 0.20ABN Amro Bank subord SerEMTN 6.375% /2021 850,000 937,607 0.19BMW Finance co gtd SerEMTN 2.125% /2015 900,000 919,448 0.18UPCB Finance II sr secured RegS 6.375% /2020 (Cayman Islands) (1) (2) 800,000 820,120 0.16ING Bank sr unsecur SerEMTN 3.875% /2016 700,000 749,976 0.15ABN Amro Bank sr unsecur Ser144A priv plmt 4.25% /2017 (USD) 830,000 677,661 0.13ABN Amro Bank sr unsecur SerEMTN 3.625% /2017 (1) 600,000 645,661 0.13SRLEV bnk gtd 9% /2041 600,000 586,854 0.12Cooperatieve Centrale Raiffeisen-Boerenleenbank unsecur SerEMTN 3.5% /2018 500,000 542,838 0.11Cooperatieve Centrale Raiffeisen-Boerenleenbank sr unsecur RegS 6.875% /2020 500,000 539,560 0.11Enexis Holding sr unsecur SerEMTN 1.875% /2020 450,000 440,992 0.09ABN AMRO Bank sr unsecur SerEMTN 4.25% /2016 400,000 431,646 0.09Enel Finance International co gtd SerEMTN 4.875% /2020 400,000 428,243 0.09Iberdrola International co gtd SerEMTN 5.75% perpetual (5) 400,000 398,596 0.08Nederlandse Gasunie sr unsecur SerEMTN 0.875% /2015 350,000 350,642 0.07Alliander subord 4.875% perpetual (5) 300,000 315,474 0.06Achmea subord SerEMTN 6% /2043 (1) (5) 300,000 308,664 0.06Cooperatieve Centrale Raiffeisen-Boerenleenbank sr unsecur SerEMTN 3.875% /2016 175,000 188,356 0.04TenneT Holding subord 6.655% perpetual (5) 150,000 164,007 0.03Cooperatieve Centrale Raiffeisen-Boerenleenbank jr subord Ser144A priv plmt 11% perpetual (5) (USD) 105,000 103,586 0.02


ItalyIntesa Sanpaolo sr unsecur Ser144A priv plmt 6.5% /2021 (USD) 2,060,000 1,596,986 0.31Banca Monte dei Paschi di Siena covered SerEMTN 4.875% /2016 1,400,000 1,429,236 0.29UniCredit sr unsecur RegS 3.625% 21/08/2013 1,400,000 1,405,691 0.28Finmeccanica Finance co gtd SerEMTN 8.125% 03/12/2013 (Luxembourg) (2) 1,300,000 1,334,899 0.27A2A sr unsecur 4.5% /2016 1,250,000 1,315,728 0.26Snam sr unsecur SerEMTN 5.25% /2022 1,000,000 1,114,293 0.22Terna Rete Elettrica Nazionale sr unsecur SerEMTN 4.75% /2021 850,000 955,378 0.19Gtech Spa co gtd 5.375% /2018 850,000 939,374 0.19Wind Acquisition Finance sr secured RegS 7.375% /2018 (Luxembourg) (2) 875,000 883,951 0.18Banco Popolare covered RegS 4.75% /2016 800,000 835,468 0.17Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (2) 700,000 780,312 0.16Davide Campari-Milano sr unsecur 4.5% /2019 650,000 682,234 0.14

Areva sr unsecur SerEMTN 3.875% /2016 (1) 100,000 105,687 0.02Crédit Agricole jr subord 7.875% perpetual (5) 50,000 52,621 0.01RCI Banque sr unsecur SerEMTN 4% 11/07/2013 50,000 50,035 0.01


SpainFondo de Reestructuracion Ordenada Bancaria govt gtd 4.4% 21/10/2013 5,500,000 5,555,220 1.11Fondo de Reestructuracion Ordenada Bancaria govt gtd 4.5% 03/02/2014 2,500,000 2,545,062 0.51CaixaBank covered 3% /2018 2,400,000 2,385,242 0.48Santander International Debt bnk gtd 4.375% /2014 1,500,000 1,546,027 0.31Santander International Debt bnk gtd SerEMTN 4% /2017 (1) 1,500,000 1,536,453 0.31CaixaBank sr unsecur SerEMTN 3.25% /2016 (1) 1,400,000 1,407,946 0.28Banco Santander covered 2.875% /2018 1,400,000 1,398,309 0.28Santander Consumer Finance sr unsecur 3.25% 20/06/2014 1,300,000 1,320,724 0.26BBVA Senior Finance co gtd SerGMTN 3.25% /2016 (1) 1,300,000 1,305,581 0.26FADE - Fondo de Amortizacion del Deficit Electrico govt gtd 5% /2015 1,200,000 1,254,409 0.25Ferrovial Emisiones co gtd RegS 3.375% /2018 1,200,000 1,222,093 0.24BBVA Senior Finance bnk gtd SerEMTN 3.625% /2014 1,000,000 1,024,105 0.20Amadeus Capital Markets co gtd SerEMTN 4.875% /2016 900,000 984,240 0.20Santander International Debt bnk gtd SerEMTN 4.625% /2016 (1) 900,000 934,278 0.19Telefonica Emisiones co gtd SerEMTN 4.797% /2018 (1) 700,000 752,183 0.15Red Electrica Financiaciones co gtd SerEMTN 2.375% /2019 700,000 675,647 0.14Banco Bilbao Vizcaya Argentaria covered 3.625% /2017 550,000 570,035 0.11Gas Natural Capital Markets co gtd SerEMTN 4.125% /2017 400,000 424,443 0.09CaixaBank covered Ser28 3.375% 30/06/2014 400,000 407,306 0.08Prosegur Cia de Seguridad sr unsecur SerEMTN 2.75% /2018 400,000 397,591 0.08Telefonica Emisiones co gtd SerGMTN 3.661% /2017 (1) 350,000 360,450 0.07Telefonica Emisiones co gtd SerEMTN 4.674% 07/02/2014 350,000 357,808 0.07Santander International Debt bnk gtd SerEMTN 3.5% /2015 350,000 357,108 0.07CaixaBank sr unsecur SerEMTN 3.75% 05/11/2013 350,000 352,943 0.07Ferrovial Emisiones co gtd RegS 3.375% /2021 250,000 241,614 0.05Telefonica Emisiones co gtd SerEMTN 4.967% /2016 200,000 213,970 0.04Gas Natural Capital Markets co gtd Ser9 4.125% /2018 200,000 212,360 0.04Gas Natural Capital Markets co gtd Ser3 5.25% /2014 200,000 208,357 0.04CaixaBank sr unsecur SerDMTN 4.125% /2014 200,000 206,190 0.04Nara Cable Funding sr secured RegS 8.875% /2018 (Ireland) (1) (2) 150,000 157,606 0.03Santander US Debt bnk gtd Ser144A priv plmt 3.724% /2015 (USD) 30,000 23,343 0.01





Investments


specifiedMarket

value% of net

assets

Assicurazioni Generali sr subord SerEMTN 7.75% /2042 (5) 600,000 638,625 0.13Banca Monte dei Paschi di Siena covered 3.125% /2015 600,000 595,567 0.12Enel Finance International co gtd Ser144A priv plmt 5.125% /2019 (Netherlands) (2) (USD) 700,000 556,770 0.11UniCredit sr unsecur SerEMTN 4.875% /2017 500,000 526,315 0.10Snam sr unsecur SerEMTN 2.375% /2017 (1) 450,000 451,450 0.09Snam sr unsecur SerEMTN 4.375% /2016 400,000 428,771 0.09Intesa Sanpaolo sr unsecur SerEMTN 4.125% /2016 (1) 400,000 413,721 0.08Assicurazioni Generali subord SerEMTN 10.125% /2042 (1) (5) 300,000 362,500 0.07Telecom Italia sr unsecur SerEMTN 8.25% /2016 300,000 341,618 0.07Assicurazioni Generali sr unsecur SerEMTN 5.125% /2024 250,000 266,411 0.05Gtech Spa co gtd 5.375% /2016 200,000 219,119 0.04UniCredit covered SerEMTN 2.75% /2020 200,000 201,633 0.04Pirelli & Co co gtd RegS 5.125% /2016 100,000 106,416 0.02Telecom Italia sr unsecur RegS 5.125% /2016 (1) 100,000 105,809 0.02


United States of AmericaGE Capital European Funding co gtd SerEMTN 1.25% /2015 (Ireland) (2) 1,750,000 1,762,895 0.35JPMorgan Chase & Co sr unsecur SerEMTN 2.75% /2023 1,300,000 1,301,898 0.26GE Capital European Funding co gtd SerEMTN 3.75% /2016 (Ireland) (1) (2) 1,000,000 1,070,596 0.21Goldman Sachs Group sr unsecur SerEMTN 4.375% /2017 900,000 972,807 0.19Goldman Sachs Group sr unsecur SerEMTN 6.375% /2018 (1) 800,000 947,116 0.19JPMorgan Chase & Co sr unsecur SerEMTN 2.875% /2028 900,000 856,889 0.17Citigroup sr unsecur SerEMTN 4% /2015 750,000 798,436 0.16AT&T sr unsecur 3.55% /2032 800,000 789,312 0.16GE Capital Trust II RegS 5.5% /2067 (5) 750,000 755,575 0.15CRH Finance co gtd SerEMTN 7.375% 28/05/2014 (Ireland) (2) 600,000 635,079 0.13Merrill Lynch & Co sr unsecur SerEMTN 4.875% 30/05/2014 600,000 622,035 0.12BA Covered Bond Issuer covered SerEMTN 4.25% /2017 500,000 551,824 0.11Wachovia sr unsecur SerEMTN 0.353% 13/02/2014 (1) (5) 550,000 550,473 0.11WM Covered Bond Program covered SerEMTN 4% /2016 500,000 545,736 0.11PACCAR Financial Europe sr unsecur SerEMTN 3% 19/05/2014 (Netherlands) (2) 500,000 510,728 0.10PACCAR Financial Europe sr unsecur SerEMTN 0.594% /2016 (Netherlands) (2) (5) 500,000 500,058 0.10Pioneer Natural Resources sr unsecur 7.5% /2020 (USD) 500,000 469,994 0.09Wells Fargo & Co sr unsecur SerEMTN 2.625% /2022 425,000 426,877 0.09Procter & Gamble sr unsecur RegS 2% /2022 400,000 389,875 0.08Wells Fargo & Co sr unsecur SerEMTN 2.25% /2023 400,000 384,855 0.08Metropolitan Life Global Funding secured SerGMTN 2.375% /2019 (1) 325,000 332,003 0.07



Investments


specifiedMarket

value% of net

assets

Philip Morris International sr unsecur SerEMTN 5.875% /2015 250,000 277,134 0.06BNP Paribas US Medium-Term Note Program bnk gtd Ser144A priv plmt 5.125% /2015 (France) (2) (USD) 275,000 220,587 0.04NASDAQ OMX Group sr unsecur 3.875% /2021 200,000 204,464 0.04Caterpillar International Finance co gtd SerEMTN 1.375% /2015 (Ireland) (2) 200,000 202,457 0.04AT&T sr unsecur 2.5% /2023 (1) 200,000 194,033 0.04Citigroup subord SerEMTN 1.469% /2017 (5) 200,000 189,961 0.04American International Group sr unsecur 6.4% /2020 (USD) 185,000 164,232 0.03


GermanyState of Saxony-Anhalt Ser13 3.75% /2021 1,800,000 2,052,541 0.41Deutsche Bank subord SerEMTN 5% /2020 (1) 1,700,000 1,849,526 0.37Allianz Finance II co gtd SerEMTN 5.75% /2041 (Netherlands) (2) (5) 1,000,000 1,106,832 0.22RWE jr subord 7% perpetual (5) (GBP) 700,000 869,427 0.17SAP sr unsecur SerEMTN 2.125% /2019 850,000 844,033 0.17Deutsche Boerse sr unsecur 2.375% /2022 825,000 820,661 0.16Commerzbank subord SerEMTN 7.75% /2021 700,000 739,207 0.15SGL Carbon sr unsecur CV 2.75% /2018 700,000 695,590 0.14Muenchener Rueckversicherungs subord SerEMTN 6% /2041 (5) 600,000 683,471 0.14Siemens Financieringsmaatschappij co gtd SerWW CV 1.65% /2019 (Netherlands) (2) (USD) 750,000 597,679 0.12Deutsche Telekom International Finance co gtd SerEMTN 2.75% /2024 (Netherlands) (2) 600,000 581,914 0.12MAN sr unsecur SerEMTN 1% /2015 550,000 552,825 0.11KION Finance sr secured RegS 6.75% /2020 (Luxembourg) (2) 500,000 536,975 0.11Vier Gas Transport sr unsecur SerEMTN 2% /2020 500,000 495,440 0.10Linde Finance co gtd 7.375% /2066 (Netherlands) (2) (5) 350,000 401,021 0.08Eurogrid co gtd SerEMTN 3.875% /2020 350,000 385,314 0.08Phoenix PIB Dutch Finance co gtd SerEMTN 3.125% /2020 (Netherlands) (2) 400,000 373,762 0.07Techem Energy Metering Service & Co co gtd RegS 7.875% /2020 (1) 300,000 318,263 0.06Muenchener Rueckversicherungs jr subord 5.767% perpetual (1) (5) 300,000 311,500 0.06Brenntag Finance co gtd 5.5% /2018 (Netherlands) (2) 200,000 224,091 0.04Allianz Finance II co gtd SerEMTN 4.75% /2019 (Netherlands) (2) 150,000 174,046 0.03Bilfinger sr unsecur 2.375% /2019 150,000 150,725 0.03Techem sr secured RegS 6.125% /2019 125,000 131,664 0.03Celesio Finance co gtd SerEMTN 4% /2016 (Netherlands) (2) 120,000 124,433 0.03Celesio Finance co gtd 4.5% /2017 (Netherlands) (2) 58,000 60,920 0.01


AustraliaOrigin Energy Finance co gtd SerEMTN 7.875% /2071 (5) 1,150,000 1,190,520 0.24BHP Billiton Finance co gtd SerEMTN 2.25% /2020 650,000 646,626 0.13Commonwealth Bank of Australia covered SerEMTN 2.625% /2017 600,000 633,218 0.12Santos Finance co gtd SerEMTN 8.25% /2070 (5) 500,000 570,625 0.11Australia & New Zealand Banking Group sr unsecur SerEMTN 3.75% /2017 (1) 500,000 541,949 0.11Telstra sr unsecur SerEMTN 2.5% /2023 400,000 389,062 0.08Amcor co gtd SerEMTN 2.75% /2023 400,000 388,448 0.08Commonwealth Bank of Australia sr unsecur SerEMTN 4.25% /2016 350,000 383,996 0.08




Italy (continued)




United Arab Emirates (continued)


Australia (continued)

Investments


specifiedMarket

value% of net

assets

QBE Capital Funding III co gtd Ser144A priv plmt 7.25% /2041 (Jersey) (2) (5) (USD) 400,000 325,588 0.07Westpac Banking sr unsecur SerEMTN 4.25% /2016 250,000 273,163 0.05Commonwealth Bank of Australia sr unsecur Ser144A priv plmt 5% /2019 (USD) 310,000 267,634 0.05


SwedenNordea Bank subord SerEMTN 4.625% /2022 (5) 1,200,000 1,281,713 0.26Svenska Handelsbanken bnk gtd 2.875% /2017 (USD) 1,460,000 1,156,360 0.23Swedbank Hypotek covered 3.625% /2016 1,000,000 1,088,084 0.22Swedbank sr unsecur SerEMTN 3.375% /2017 700,000 748,521 0.15Nordea Bank sr unsecur SerEMTN 4% /2019 450,000 501,584 0.10Svenska Handelsbanken sr unsecur SerEMTN 2.625% /2022 (1) 425,000 427,864 0.08Securitas sr unsecur SerEMTN 2.75% /2017 243,000 250,768 0.05


SwitzerlandUBS covered SerEMTN 3% /2016 1,250,000 1,329,624 0.27Sunrise Communications Holdings secured RegS 8.5% /2018 (Luxembourg) (1) (2) 800,000 847,852 0.17Credit Suisse sr unsecur SerEMTN 5.125% /2017 (1) 650,000 743,219 0.15Nestle Finance International co gtd SerEMTN 1.75% /2022 (Luxembourg) (1) (2) 600,000 578,126 0.12Aquarius and Investments for Zurich Insurance secured SerEMTN 4.25% /2043 (Ireland) (2) (5) 400,000 393,178 0.07Cloverie for Zurich Insurance subord SerEMTN 7.5% /2039 (Ireland) (2) (5) 250,000 302,215 0.06Credit Suisse sr unsecur SerEMTN 4.75% /2019 200,000 230,079 0.05Zurich Finance USA co gtd SerEMTN 6.5% /2015 (United States of America) (2) 200,000 224,602 0.04UBS jr subord SerEMTN 7.152% perpetual (5) 200,000 215,996 0.04


MexicoPetroleos Mexicanos co gtd 4.875% /2022 (USD) 3,000,000 2,332,764 0.47America Movil sr unsecur SerEMTN 4.125% /2019 700,000 769,272 0.15Petroleos Mexicanos co gtd SerEMTN 5.5% /2017 150,000 166,250 0.03


United Arab EmiratesIPIC GMTN co gtd RegS 5.875% /2021 (Cayman Islands) (2) 900,000 1,062,045 0.21ADCB Finance Cayman co gtd SerGMTN 2.5% /2018 (Cayman Islands) (1) (2) (USD) 1,300,000 963,544 0.19



Investments


specifiedMarket

value% of net

assets

Xstrata Finance Dubai co gtd SerEMTN 2.625% /2018 700,000 686,505 0.14IPIC GMTN co gtd RegS 2.375% /2018 (Cayman Islands) (2) 300,000 302,998 0.06


LuxembourgGeo Debt Finance sr secured RegS 7.5% /2018 800,000 802,604 0.16Glencore Finance Europe co gtd SerEMTN step cpn 4.625% /2018 500,000 536,718 0.11Bormioli Rocco Holdings sr secured RegS 10% /2018 (1) 500,000 516,613 0.10Gategroup Finance Luxembourg co gtd RegS 6.75% /2019 (1) 300,000 298,287 0.06ArcelorMittal subord 8.75% perpetual (1) (5) (USD) 200,000 162,660 0.03ArcelorMittal sr unsecur SerEMTN 5.875% /2017 (1) 100,000 105,339 0.02


NorwayDNB Bank sr unsecur RegS 4.375% /2021 600,000 682,727 0.14Sparebank 1 SR Bank sr unsecur SerEMTN 2.125% /2020 600,000 584,211 0.12Statkraft sr unsecur SerEMTN 2.5% /2022 525,000 518,613 0.10Sparebank 1 SR Bank sr unsecur 3.625% /2015 450,000 470,305 0.09SpareBank 1 SR Bank sr unsecur 3.5% /2016 150,000 158,461 0.03


KazakhstanKazMunayGas National sr unsecur RegS 6.375% /2021 (USD) 2,700,000 2,251,116 0.46


IrelandArdagh Glass Finance co gtd RegS 8.75% /2020 900,000 929,381 0.18WPP Finance co gtd 5.25% /2015 (France) (2) 500,000 534,101 0.11CRH America co gtd 6% /2016 (United States of America) (2) (USD) 400,000 344,944 0.07Bord Gais Eireann sr unsecur SerEMTN 3.625% /2017 200,000 208,883 0.04


PortugalBrisa Concessao Rodoviaria sr secured SerEMTN 6.875% /2018 900,000 922,851 0.19EDP Finance sr unsecur SerEMTN 5.75% /2017 (Netherlands) (2) 600,000 637,389 0.13EDP Finance sr unsecur SerEMTN 5.875% /2016 (Netherlands) (2) 200,000 209,479 0.04


RussiaGazprombank ViaB Eurobond Finance sr unsecur RegS 7.875% /2016 (Ireland) (2) (RUB) 56,000,000 1,281,366 0.25Gazprom Via Gaz Capital sr unsecur SerEMTN LPN 6.605% /2018 (Luxembourg) (2) 300,000 341,660 0.07




Investments


specifiedMarket

value% of net

assets

BelgiumAnheuser-Busch InBev co gtd SerEMTN 8.625% /2017 800,000 1,009,197 0.20Brussels Airport Holding sr secured SerEMTN 3.25% /2020 500,000 506,868 0.10


New ZealandWestpac Securities covered SerEMTN 3.5% /2016 1,400,000 1,506,623 0.30


AustriaUniCredit Bank Austria sr unsecur SerEMTN 2.625% /2018 (1) 500,000 508,475 0.10Atrium European Real Estate sr unsecur 4% /2020 (Jersey) (2) 500,000 497,855 0.10Telekom Austria subord 5.625% perpetual (5) 470,000 478,079 0.10


IndiaVedanta Resources sr nts Ser144A priv plmt 6% /2019 (United Kingdom) (2) (USD) 1,900,000 1,395,542 0.28


Hong KongHutchison Whampoa Europe Finance 12 co gtd SerEMTN 2.5% /2017 (Cayman Islands) (2) 1,000,000 1,030,695 0.21


BrazilPetrobras International Finance co gtd 4.875% /2018 (Cayman Islands) (2) 800,000 859,200 0.17


CanadaBombardier sr unsecur RegS 6.125% /2021 500,000 520,953 0.10Bombardier sr unsecur Ser144A priv plmt 7.75% /2020 (USD) 245,000 211,061 0.05Bombardier sr unsecur Ser144A priv plmt 7.5% /2018 (USD) 120,000 102,814 0.02


JerseyHeathrow Funding sr secured 4.375% /2017 400,000 438,634 0.09ASIF III Jersey sr secured SerEMTN 4.75% 11/09/2013 (1) 300,000 302,448 0.06


Czech RepublicCEZ sr unsecur Ser144A priv plmt 4.25% /2022 (USD) 760,000 582,932 0.12


HungaryMOL Hungarian Oil & Gas sr unsecur SerEMTN 5.875% /2017 550,000 567,047 0.11


QatarQtel International Finance co gtd RegS 3.25% /2023 (Bermuda) (2) (USD) 600,000 418,878 0.09


DenmarkDONG Energy subord SerEXCH 6.25% /3013 (5) 396,000 404,878 0.08


FinlandPohjola Bank sr unsecur 1.25% /2018 (1) 320,000 313,886 0.06



Government Bonds

ItalyItaly Buoni Poliennali Del Tesoro sr unsecur 5.25% /2017 19,400,000 20,866,194 4.17Italy Buoni Poliennali Del Tesoro 4.5% /2015 17,250,000 18,011,415 3.60Italy Buoni Poliennali Del Tesoro sr unsecur 5% /2039 14,000,000 14,027,923 2.80Italy Buoni Poliennali Del Tesoro 3% /2015 9,500,000 9,648,134 1.93Italy Buoni Poliennali Del Tesoro 4% /2020 9,500,000 9,539,036 1.90Italy Buoni Poliennali Del Tesoro 5.5% /2022 8,000,000 8,567,944 1.71Italy Buoni Poliennali Del Tesoro 3% /2015 1,000,000 1,016,397 0.20


GermanyBundesrepublik Deutschland Ser2007 4.25% /2039 14,800,000 19,802,748 3.96Bundesrepublik Deutschland 2.25% /2021 8,000,000 8,518,960 1.70


FranceGovernment of France OAT 5.5% /2029 13,100,000 17,278,494 3.45Government of France OAT 3.25% /2021 5,000,000 5,458,375 1.09French Treasury Note BTAN nts 1.75% /2017 5,200,000 5,359,276 1.07


SpainGovernment of Spain 4.4% /2023 15,670,000 15,166,162 3.03Government of Spain nts RegS 4% /2018 (USD) 3,250,000 2,471,752 0.49Government of Spain 4% /2015 1,750,000 1,801,046 0.36Government of Spain 5.85% /2022 1,000,000 1,085,085 0.22


NetherlandsGovernment of Netherlands 4% /2037 6,500,000 8,038,940 1.60Government of Netherlands 3.25% /2021 6,000,000 6,657,930 1.33




Investments


specifiedMarket

value% of net





Investments

Holdings/ Nominal in

Euro unless specified

Market value

% of net assets



Investments


specifiedMarket

value% of net

assets

PolandGovernment of Poland Ser1017 5.25% /2017 (PLN) 24,500,000 6,003,205 1.20Government of Poland Ser1021 5.75% /2021 (PLN) 12,340,000 3,139,802 0.63Government of Poland sr unsecur 3.75% /2017 2,200,000 2,396,350 0.48Government of Poland sr unsecur SerEMTN 4.675% /2019 750,000 865,661 0.17


IrelandGovernment of Ireland 3.9% /2023 6,400,000 6,307,136 1.26


MexicoMexican Bonos SerM 20 10% /2024 (MXN) 59,500,000 4,669,778 0.93


PortugalPortugal Obrigacoes do Tesouro OT sr unsecur 5.65% /2024 4,905,000 4,572,686 0.91


RussiaRussian Foreign Bond - Eurobond sr unsecur RegS 4.5% /2022 (1) (USD) 2,000,000 1,573,142 0.31Russian Federal Bond - OFZ Ser6207 8.15% /2027 (RUB) 46,000,000 1,104,837 0.22


GreeceRepublic of Greece SerPSI step cpn 2% /2025 4,300,000 2,080,770 0.42


CanadaGovernment of Canada sr unsecur 3.5% /2020 1,400,000 1,603,851 0.32


BrazilBrazil Notas do Tesouro Nacional Serie F sr nts SerNTNF 10% /2017 (BRL) 425,600 1,435,048 0.29



Mutual Fund




European Union sr unsecur SerEMTN 3.25% /2018 6,500,000 7,163,033 1.43European Union sr unsecur SerEMTN 3.5% /2021 5,500,000 6,190,052 1.24European Financial Stability Facility govt gtd 3.375% /2021 4,500,000 4,962,258 0.99European Financial Stability Facility govt gtd SerEMTN 2.75% /2016 1,150,000 1,225,161 0.24European Financial Stability Facility govt gtd SerEMTN 2.75% /2016 800,000 848,902 0.17



GermanyGerman Residential Funding 1.328% /2024 (5) 2,080,000 2,083,120 0.42


United KingdomTaurus 2013-GMF1 A 1.259% /2024 (5) 650,000 650,000 0.13




Other transferable securities and money market instruments not admitted to official exchange listing or dealt in on another regulated market.

Equities

United States of AmericaWA Funding TR III (USD) 200 0 0.00








02/08/2013 2,932,415 EUR 4,050,000 CAD RBC (20,111) 0.00 02/08/2013 5,011,786 EUR 87,300,000 MXN State Street (91,160) (0.02)





Notional amount




assets

Buy Koninklijke DSM 4% 10/11/2015 EUR 500,000 20/12/2013 Barclays Capital (2,682) 0.00

Buy WPP 2008 6% 04/04/2017 EUR 1,000,000 20/06/2015 J.P. Morgan (19,764) 0.00

Net Unrealised Loss on Credit Default Swap Contracts (22,446) 0.00






assets

Pay fixed rate 2.040% Receive floating rate USD LIBOR 3 months USD 12,650,000 13/02/2023 Bank of America 436,986 0.09

Pay fixed rate 2.058% Receive floating rate USD LIBOR 3 months USD 12,650,000 06/02/2023 J.P. Morgan 414,472 0.08

Pay fixed rate 2.091% Receive floating rate USD LIBOR 3 months USD 22,510,000 15/02/2023 Goldman Sachs 698,978 0.14


Royal Bank of Scotland 508,795 0.10

Pay fixed rate 2.903% Receive floating rate USD LIBOR 3 months USD 7,780,000 13/05/2043 UBS 627,304 0.13


Cash of EUR 2,125,000 paid as collateral by the counterparties in relation to the above OTC contracts.Cash of EUR 564,000 held as collateral by the counterparties in relation to the above OTC contracts.

Total Derivatives 2,515,184 0.51




DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro Bund Future 09/2013 (72) (10,154,880) Goldman Sachs 205,290 0.04Euro SCHATZ Future 09/2013 257 28,348,385 Goldman Sachs 915 0.00Long Gilt Future 09/2013 (37) (4,815,655) Goldman Sachs 218,307 0.04US 5yr T-note Future 09/2013 (70) (6,486,065) Goldman Sachs 94,999 0.02


Duration Hedged Share ClassEuro BOBL Future 09/2013 (247) (30,862,650) Goldman Sachs 279,420 0.06Euro Bund Future 09/2013 (285) (40,196,400) Goldman Sachs 572,020 0.11Euro SCHATZ Future 09/2013 (205) (22,612,525) Goldman Sachs 39,530 0.01

Unrealised Gain on Duration Hedged Futures Contracts 890,970 0.18

Total Unrealised Gain on Futures Contracts 1,410,481 0.28

Euro BOBL Future 09/2013 217 27,114,150 Goldman Sachs (148,510) (0.03)US 10yr T-note Future 09/2013 24 2,322,507 Goldman Sachs (62,164) (0.01)US Long Bond Future 09/2013 87 9,001,226 Goldman Sachs (407,032) (0.08)US Ultra Bond Future 09/2013 103 11,496,507 Goldman Sachs (733,044) (0.15)

Total Unrealised Loss on Futures Contracts (1,350,750) (0.27)


1 Cash of EUR 2,135,738 held as collateral by the counterparty.1 Cash of EUR 166,761 paid as collateral by the counterparty.


Maturity date

Amount bought Ccy



EUR% of net

assets

02/07/2013 4,050,000 CAD 2,935,210 EUR RBC 19,959 0.00 02/07/2013 3,119,994 EUR 4,165,000 CAD RBC 80,912 0.02 02/07/2013 9,559,333 EUR 159,400,000 MXN State Street 214,223 0.05 02/07/2013 87,300,000 MXN 5,027,661 EUR State Street 90,457 0.02 08/07/2013 3,995,260 CAD 4,000,000 AUD Commonwealth Bank 104,105 0.02 10/07/2013 9,500,811 EUR 41,000,000 PLN Deutsche Bank 70,508 0.01 10/07/2013 6,452,584 USD 6,000,000 CHF Deutsche Bank 75,731 0.02 11/07/2013 3,953,114 USD 8,600,000 BRL HSBC 74,028 0.01 16/07/2013 63,929 EUR 560,000 SEK Deutsche Bank 221 0.00 17/07/2013 1,000,000 USD 756,283 EUR J.P. Morgan 11,129 0.00 19/07/2013 11,258,834 EUR 9,610,000 GBP RBC 40,225 0.01


02/07/2013 115,000 CAD 85,844 EUR RBC (1,932) 0.00 02/07/2013 72,100,000 MXN 4,313,534 EUR State Street (86,542) (0.02)08/07/2013 1,130,000 AUD 1,090,224 USD Westpac Bank (42,675) (0.01)11/07/2013 8,600,000 BRL 3,998,698 USD J.P. Morgan (109,011) (0.02)11/07/2013 1,913,407 USD 4,300,000 BRL J.P. Morgan (11,449) 0.00 16/07/2013 18,000,000 NOK 3,112,526 USD Deutsche Bank (116,694) (0.02)16/07/2013 560,000 SEK 64,060 EUR Deutsche Bank (352) 0.00 17/07/2013 23,430,863 EUR 31,138,000 USD Westpac Bank (464,795) (0.10)17/07/2013 762,724 EUR 1,000,000 USD J.P. Morgan (4,687) 0.00 19/07/2013 1,200,000 GBP 1,878,530 USD RBC (40,726) (0.01)

Forward Foreign Currency Exchange Contracts (continued)

Maturity date

Amount bought Ccy



EUR% of net

assets



European Currencies High Yield Bond Fund

Corporate Bonds

FranceFaurecia sr unsecur SerEMTN 8.75% /2019 (1) 6,500,000 6,952,887 1.19Europcar Groupe subord RegS 9.375% /2018 7,000,000 6,564,075 1.13Banque PSA Finance sr unsecur SerEMTN 6% /2014 6,000,000 6,165,270 1.06La Financiere Atalian sr unsecur RegS 7.25% /2020 (1) 5,500,000 5,435,897 0.93Lafarge sr unsecur SerEMTN 5.875% /2019 5,000,000 5,401,175 0.93Holding Medi-Partenaires sr secured RegS 7% /2020 4,900,000 4,711,448 0.81Elior Finance & Co sr secured RegS 6.5% /2020 (Luxembourg) (2) 4,500,000 4,588,830 0.79Loxam SAS sr subord RegS 7.375% /2020 (1) 4,525,000 4,497,284 0.77Crown European Holdings co gtd RegS 7.125% /2018 (1) 4,000,000 4,266,420 0.73Renault sr unsecur SerEMTN 4.625% /2016 4,000,000 4,186,080 0.72SMCP SAS sr secured RegS 8.875% /2020 (1) 4,000,000 3,977,000 0.68Lafarge nts SerEMTN 6.25% /2018 (1) 3,000,000 3,265,785 0.56SPCM sr unsecur RegS 5.5% /2020 3,000,000 3,173,220 0.55Lafarge sr unsecur SerEMTN 4.75% /2020 (1) 3,000,000 3,109,725 0.54Renault sr unsecur SerEMTN 4.625% /2017 3,000,000 3,104,055 0.53Rexel co gtd 7% /2018 2,500,000 2,690,900 0.46Nexans sr unsecur SerEMTN 5.75% /2017 (1) 2,500,000 2,650,362 0.46Lafarge sr unsecur SerEMTN 8.875% /2016 2,000,000 2,346,510 0.40Europcar Groupe secured RegS 11.5% /2017 2,000,000 2,211,840 0.38Lafarge sr unsecur SerEMTN 6.625% /2018 1,000,000 1,104,685 0.19


GermanyHeidelbergCement Finance Luxembourg co gtd 7.5% /2020 (Luxembourg) (2) 9,500,000 11,121,460 1.91Unitymedia Kabel secured RegS 9.625% /2019 4,500,000 4,973,647 0.86Conti-Gummi Finance sr secured RegS 7.125% /2018 (Netherlands) (2) 4,500,000 4,695,930 0.81HeidelbergCement Finance co gtd 8% /2017 (Netherlands) (2) 4,000,000 4,625,160 0.80Heckler & Koch sr secured RegS 9.5% /2018 (1) 5,000,000 4,497,025 0.77WEPA Hygieneprodukte nts RegS 6.5% /2020 (1) 4,000,000 4,114,540 0.71Unitymedia Hessen & Co sr secured RegS 5.5% /2022 3,500,000 3,399,987 0.58KION Finance sr secured RegS 6.75% /2020 (Luxembourg) (2) 3,000,000 3,221,850 0.55KION Finance sr secured RegS 7.875% /2018 (Luxembourg) (1) (2) 3,000,000 3,207,030 0.55Unitymedia Hessen & Co sr secured RegS 7.5% /2019 3,000,000 3,196,995 0.55Conti-Gummi Finance sr secured RegS 7.5% /2017 (Netherlands) (2) 3,000,000 3,134,685 0.54Techem Energy Metering Service & Co co gtd RegS 7.875% /2020 (1) 2,700,000 2,864,362 0.49Commerzbank subord SerEMTN 7.75% /2021 2,300,000 2,428,823 0.42Trionista TopCo subord RegS 6.875% /2021 2,175,000 2,163,994 0.37Techem sr secured RegS 6.125% /2019 2,000,000 2,106,630 0.36Unitymedia Hessen & Co sr secured RegS 5.625% /2023 (1) 2,000,000 1,934,960 0.33Phoenix PIB Dutch Finance co gtd SerEMTN 3.125% /2020 (Netherlands) (2) 2,000,000 1,868,810 0.32Hellenic Petroleum Finance co gtd SerEMTN 8% /2017 (United Kingdom) (2) 1,750,000 1,764,892 0.30Unitymedia Kabel sr secured RegS 9.5% /2021 1,500,000 1,670,550 0.29HeidelbergCement Finance Luxembourg co gtd 8.5% /2019 (Luxembourg) (2) 1,000,000 1,230,015 0.21

INVESTMENT AIM

To provide an attractive rate of return, measured in Euro, through investments worldwide primarily in lower rated and unrated fixed income securities issued by governments, agencies and corporations that offer a yield above that generally available on debt securities in the four highest rating categories of S&P or Moody’s denominated in European currencies.



Investments


specifiedMarket

value% of net

assets





Investments


specifiedMarket

value% of net

assets

Investments


specifiedMarket

value% of net

assets

Kabel Deutschland Vertrieb und Service sr secured RegS 6.5% /2018 1,000,000 1,067,210 0.18Grohe Holding secured RegS 8.75% /2017 (1) (5) 1,000,000 1,044,990 0.18Grohe Holding sr secured RegS 4.209% /2017 (5) 1,000,000 998,985 0.17Aabar Investments sr unsecur RegS CV 4% /2016 (United Arab Emirates) (2) 900,000 949,756 0.16Brenntag Finance co gtd 5.5% /2018 (Netherlands) (2) 800,000 896,364 0.16SGL Carbon sr unsecur CV 2.75% /2018 900,000 894,330 0.15Fresenius Medical Care US Finance co gtd 6.875% /2017 (United States of America) (2) (USD) 1,000,000 840,362 0.15Fresenius Medical Care US Finance II co gtd RegS 5.625% /2019 (United States of America) (2) (USD) 455,000 363,159 0.06


LuxembourgARD Finance sr secured RegS PIK 11.125% /2018 (1) 6,929,157 7,323,876 1.26ArcelorMittal sr unsecur SerEMTN 5.875% /2017 (1) 6,000,000 6,320,310 1.09Numericable Finance & Co sr secured RegS 8.75% /2019 5,500,000 5,881,755 1.01Spie BondCo 3 co gtd RegS 11% /2019 5,000,000 5,358,250 0.92Geo Debt Finance sr secured RegS 7.5% /2018 5,300,000 5,317,252 0.91Telenet Finance V Luxembourg sr secured RegS 6.25% /2022 5,000,000 5,037,750 0.87Bormioli Rocco Holdings sr secured RegS 10% /2018 (1) 4,808,000 4,967,746 0.85Mobile Challenger Intermediate Group sr secured RegS PIK 8.75% /2019 4,500,000 4,388,400 0.75Altice Financing sr secured RegS 8% /2019 4,000,000 4,176,720 0.72Matterhorn Midco co gtd RegS 7.75% /2020 (1) 4,106,000 4,051,267 0.70Gategroup Finance Luxembourg co gtd RegS 6.75% /2019 (1) 3,000,000 2,982,870 0.51Albea Beauty Holdings sr secured RegS 8.75% /2019 (1) 3,000,000 2,954,775 0.51INEOS Group Holdings co gtd RegS 6.5% /2018 (1) 3,000,000 2,877,450 0.49Lecta sr secured RegS 8.875% /2019 (1) 3,000,000 2,855,415 0.49Codere Finance Luxembourg sr secured RegS 8.25% /2015 (1) 4,000,000 2,430,280 0.42Matterhorn Financing & CY sr secured RegS PIK 9% /2019 (1) 2,000,000 1,970,160 0.34Fiat Finance & Trade co gtd SerEMTN 7.75% /2016 1,000,000 1,076,355 0.18Codere Finance Luxembourg sr secured RegS 8.25% /2015 1,000,000 610,000 0.10ArcelorMittal subord 8.75% perpetual (1) (5) (USD) 700,000 569,311 0.10Hellas Telecommunications Luxembourg II subord nts RegS 0% /2015 1,000,000 5,050 0.00


United KingdomJaguar Land Rover Automotive co gtd RegS 8.25% /2020 (1) (GBP) 6,500,000 8,288,984 1.43Voyage Care Bondco sr secured RegS 6.5% /2018 (GBP) 5,000,000 5,891,556 1.01

Priory Group No 3 co gtd RegS 8.875% /2019 (1) (GBP) 4,500,000 5,203,096 0.89Rexam subord 6.75% /2067 (1) (5) 5,000,000 5,150,100 0.88Elli Finance UK sr secured RegS 8.75% /2019 (GBP) 4,021,000 5,027,831 0.86Anglian Water Osprey Financing sr secured SerEMTN 7% /2018 (GBP) 4,000,000 4,960,987 0.85Kelda Finance No 3 sr secured RegS 5.75% /2020 (1) (GBP) 4,000,000 4,671,398 0.80Heathrow Finance sr secured SerEMTN 7.125% /2017 (GBP) 3,000,000 3,732,037 0.64Kerling sr secured RegS 10.625% /2017 (1) 2,500,000 2,625,262 0.45Virgin Media Finance co gtd 8.875% /2019 (1) (GBP) 2,003,000 2,557,556 0.44GKN Holdings sr unsecur SerEMTN 5.375% /2022 (GBP) 2,000,000 2,343,767 0.40Heathrow Finance sr secured RegS 5.375% /2019 (GBP) 1,775,000 2,077,016 0.36Ineos Group Holdings secured RegS 7.875% /2016 (Luxembourg) (2) 2,020,971 2,029,317 0.35Bakkavor Finance 2 sr secured RegS 8.25% /2018 (1) (GBP) 1,500,000 1,755,855 0.30William Hill co gtd 4.25% /2020 (GBP) 1,500,000 1,698,864 0.29Dixons Retail co gtd 8.75% /2017 (GBP) 1,000,000 1,314,401 0.23Priory Group No 3 sr secured RegS 7% /2018 (1) (GBP) 1,000,000 1,182,269 0.21Lloyds TSB Bank subord SerEMTN 6.5% /2020 (1) 1,000,000 1,096,320 0.19


NetherlandsUPC Holding secured RegS 6.375% /2022 (1) 9,000,000 8,685,315 1.49Iberdrola International co gtd SerEMTN 5.75% perpetual (5) 5,000,000 4,982,450 0.85Schaeffler Finance sr secured RegS 7.75% /2017 4,000,000 4,408,340 0.76Refresco Group sr secured RegS 7.375% /2018 (1) 4,000,000 4,126,420 0.71OI European Group co gtd RegS 6.75% /2020 3,500,000 3,883,828 0.67FMC Finance VIII co gtd RegS 6.5% /2018 (Luxembourg) (2) 3,250,000 3,757,715 0.64Fresenius Finance co gtd RegS 4.25% /2019 (1) 3,000,000 3,177,750 0.55UPCB Finance II sr secured RegS 6.375% /2020 (Cayman Islands) (1) (2) 3,000,000 3,075,450 0.53SRLEV bnk gtd 9% /2041 2,500,000 2,445,225 0.42Ziggo Bond co gtd RegS 8% /2018 (1) 2,040,000 2,184,942 0.37UPCB Finance sr secured RegS 7.625% /2020 (Cayman Islands) (2) 2,000,000 2,120,770 0.36Carlson Wagonlit sr secured RegS 7.5% /2019 1,300,000 1,332,149 0.23Schaeffler Finance sr secured RegS 4.25% /2018 1,000,000 984,540 0.17FMC Finance VIII co gtd RegS 5.25% /2019 (Luxembourg) (1) (2) 300,000 331,191 0.06Schaeffler Finance sr secured RegS 8.75% /2019 294,000 325,614 0.06


PortugalBrisa Concessao Rodoviaria sr secured SerEMTN 6.875% /2018 8,000,000 8,203,120 1.41EDP Finance sr unsecur SerEMTN 4.625% /2016 (Netherlands) (1) (2) 7,000,000 7,174,510 1.23EDP Finance sr unsecur SerEMTN 5.75% /2017 (Netherlands) (2) 5,000,000 5,311,575 0.91


Germany (continued)





Portugal Telecom International Finance sr unsecur SerEMTN 4.625% /2020 (Netherlands) (1) (2) 4,000,000 3,783,560 0.65REN - Redes Energeticas Nacionais sr unsecur SerEMTN 4.125% /2018 3,000,000 3,031,155 0.52EDP Finance sr unsecur SerEMTN 6.625% /2017 (Netherlands) (2) (GBP) 2,000,000 2,489,367 0.43EDP Finance sr unsecur SerEMTN 5.875% /2016 (Netherlands) (2) 2,300,000 2,409,009 0.42Portugal Telecom International Finance sr unsecur SerEMTN 5.875% /2018 (Netherlands) (1) (2) 2,000,000 2,058,420 0.35Portugal Telecom International Finance sr unsecur SerEMTN 5.625% /2016 (Netherlands) (1) (2) 1,000,000 1,045,290 0.18Portucel sr unsecur RegS 5.375% /2020 (1) 1,000,000 1,006,750 0.17


SpainNara Cable Funding sr secured RegS 8.875% /2018 (Ireland) (1) (2) 6,000,000 6,304,230 1.08Obrascon Huarte Lain sr unsecur SerEMTN 8.75% /2018 5,000,000 5,385,075 0.93Cirsa Funding Luxembourg co gtd RegS 8.75% /2018 (Luxembourg) (1) (2) 4,500,000 4,551,840 0.78Campofrio Food Group co gtd RegS 8.25% /2016 (1) 4,000,000 4,204,340 0.72Ono Finance II co gtd RegS 11.125% /2019 (Ireland) (1) (2) 4,000,000 4,192,841 0.72AG Spring Finance II sr secured RegS 9.5% /2019 (Ireland) (1) (2) 3,800,000 3,460,489 0.60Obrascon Huarte Lain sr unsecur SerEMTN 7.375% /2015 (1) 3,000,000 3,158,160 0.54Ono Finance II co gtd RegS 11.125% /2019 (Ireland) (2) 1,050,000 1,100,621 0.19


ItalyWind Acquisition Finance sr secured RegS 7.375% /2018 (Luxembourg) (2) 9,000,000 9,092,070 1.56Gtech Spa jr subord RegS 8.25% /2066 (5) 5,500,000 5,745,603 0.99Fiat Finance & Trade co gtd SerEMTN 7.375% /2018 (Luxembourg) (2) 5,000,000 5,391,975 0.93Fiat Industrial Finance Europe co gtd SerEMTN 6.25% /2018 (Luxembourg) (1) (2) 4,000,000 4,359,000 0.75Fiat Finance & Trade co gtd SerGMTN 6.375% /2016 (Luxembourg) (2) 2,500,000 2,612,013 0.45Fiat Finance & Trade co gtd SerGMTN 6.625% /2018 (Luxembourg) (2) 1,450,000 1,514,946 0.26TeamSystem Holding sr secured RegS 7.375% /2020 (1) 1,500,000 1,426,118 0.24Sisal Holding Istituto di Pagamento sr secured RegS 7.25% /2017 (1) 700,000 693,301 0.12


United States of AmericaLynx II sr unsecur RegS 7% /2023 (1) (GBP) 4,000,000 4,671,164 0.80US Coatings Acquisition sr secured RegS 5.75% /2021 4,000,000 4,027,840 0.69Belden sr subord RegS 5.5% /2023 4,000,000 3,900,640 0.67

Iron Mountain co gtd SerEMTN 6.75% /2018 3,800,000 3,874,271 0.66GMAC International Finance co gtd 7.5% /2015 (Netherlands) (2) 2,000,000 2,131,080 0.37Jarden co gtd Ser1 7.5% /2020 2,000,000 2,110,000 0.36Momentive Performance Materials secured 9.5% /2021 2,500,000 2,025,000 0.35


IrelandSmurfit Kappa Acquisitions sr secured RegS 7.75% /2019 6,000,000 6,466,680 1.11Rottapharm co gtd RegS 6.125% /2019 (1) 5,000,000 5,014,325 0.86Ardagh Glass Finance co gtd RegS 8.75% /2020 2,500,000 2,581,613 0.44Ardagh Glass Finance co gtd RegS 7.125% /2017 (1) 2,000,000 2,018,520 0.35Ardagh Packaging Finance co gtd RegS 9.25% /2020 (1) 1,500,000 1,579,305 0.27Altice Finco co gtd RegS 9% /2023 (Luxembourg) (2) 1,300,000 1,293,162 0.22Ardagh Packaging Finance sr secured RegS 7.375% /2017 1,000,000 1,055,615 0.18Smurfit Kappa Acquisitions sr secured Ser144A priv plmt 5.125% /2018 1,000,000 1,028,180 0.18Nara Cable Funding II sr secured RegS 8.5% /2020 600,000 640,194 0.11Smurfit Kappa Acquisitions sr secured RegS 5.125% /2018 500,000 515,058 0.09


AustraliaSantos Finance co gtd SerEMTN 8.25% /2070 (5) 6,000,000 6,847,500 1.18Origin Energy Finance co gtd SerEMTN 7.875% /2071 (5) 2,500,000 2,588,088 0.44QBE Capital Funding III co gtd Ser144A priv plmt 7.25% /2041 (Jersey) (2) (5) (USD) 1,650,000 1,343,049 0.23


CanadaBombardier sr unsecur RegS 6.125% /2021 (1) 8,500,000 8,856,193 1.52


GreeceOTE co gtd SerEMTN 7.875% /2018 (United Kingdom) (1) (2) 3,750,000 3,820,744 0.66FAGE USA Dairy Industry co gtd RegS 9.875% /2020 (United States of America) (2) (USD) 2,500,000 2,048,142 0.35OTE co gtd SerEMTN step cpn 7.25% /2015 (United Kingdom) (1) (2) 2,000,000 2,032,250 0.35


PolandCyfrowy Polsat Finance sr secured RegS 7.125% /2018 (Sweden) (2) 2,700,000 2,868,305 0.49Polish Television Holding sr secured RegS step cpn 11.25% /2017 (Netherlands) (2) 2,250,000 2,346,964 0.41TVN Finance III co gtd RegS 7.875% /2018 (Sweden) (2) 2,000,000 2,040,310 0.35




Investments


specifiedMarket

value% of net

assets

Investments


specifiedMarket

value% of net

assets


Portugal (continued)







Investments


specifiedMarket

value% of net

assets

Investments



Market value

% of net assets

HungaryMOL Hungarian Oil & Gas sr unsecur SerEMTN 5.875% /2017 6,500,000 6,701,468 1.15


BelgiumOntex IV co gtd RegS 9% /2019 (Luxembourg) (1) (2) 3,500,000 3,535,035 0.61Ontex IV sr secured RegS 7.5% /2018 (Luxembourg) (1) (2) 2,700,000 2,788,169 0.48


New ZealandBeverage Packaging Holdings Luxembourg II secured RegS 9.5% /2017 (Luxembourg) (2) 5,000,000 5,093,475 0.87


CroatiaAgrokor co gtd RegS 9.125% /2020 4,500,000 4,756,275 0.82

Total for Croatia 0.82

DenmarkDONG Energy subord SerEXCH 6.25% /3013 (5) 4,541,000 4,642,809 0.80


MexicoCemex Finance sr secured RegS 9.625% /2017 (United States of America) (2) 3,000,000 3,152,640 0.54Cemex sr secured Ser144A priv plmt 5.875% /2019 (USD) 2,000,000 1,486,151 0.26


SwitzerlandSunrise Communications Holdings secured RegS 8.5% /2018 (Luxembourg) (1) (2) 4,000,000 4,239,260 0.73


IndiaVedanta Resources sr nts Ser144A priv plmt 6% /2019 (United Kingdom) (2) (USD) 5,000,000 3,672,478 0.63


SwedenNorCell 1B sr secured RegS PIK 12.4% /2019 2,130,888 2,123,227 0.36


South AfricaEdcon Proprietary sr secured RegS 9.5% /2018 (1) 2,000,000 1,866,610 0.32Edcon Holdings Proprietary secured RegS 5.709% /2015 (5) 51,000 45,339 0.01


AustriaAtrium European Real Estate sr unsecur 4% /2020 (Jersey) (2) 1,300,000 1,294,423 0.22



Mutual Fund



Equities

United States of AmericaGeneral Motors (USD) 8,703 219,744 0.04Motors Liquidation (USD) 2,185 50,323 0.01XO Holdings (USD) 1,023 0 0.00



Warrants

United States of AmericaGeneral Motors Wts exp. 10/07/2016 (USD) 7,912 144,152 0.02General Motors Wts exp. 10/07/2019 (USD) 7,912 98,368 0.02


Total for Warrants 0.04






DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro BOBL Future 09/2013 (180) (22,491,000) Goldman Sachs 253,800 0.04Euro Bund Future 09/2013 (45) (6,346,800) Goldman Sachs 103,950 0.02US 5yr T-note Future 09/2013 (30) (2,779,742) Goldman Sachs 56,120 0.01US 10yr T-note Future 09/2013 (49) (4,741,785) Goldman Sachs 161,879 0.03


Duration Hedged Share ClassEuro BOBL Future 09/2013 (99) (12,370,050) Goldman Sachs 132,970 0.02Euro Bund Future 09/2013 (15) (2,115,600) Goldman Sachs 24,380 0.01Euro SCHATZ Future 09/2013 (52) (5,735,860) Goldman Sachs 13,470 0.00

Unrealised Gain on Duration Hedged Futures Contracts 170,820 0.03

Total Unrealised Gain on Futures Contracts 746,569 0.13




Maturity date

Amount bought Ccy



EUR% of net

assets

17/07/2013 1,500,000 USD 1,127,829 EUR Westpac Bank 23,288 0.00 19/07/2013 62,255,141 EUR 53,138,000 GBP RBC 222,421 0.04


17/07/2013 11,204,494 EUR 14,890,000 USD Westpac Bank (222,262) (0.04)19/07/2013 180,000 GBP 210,741 EUR J.P. Morgan (611) 0.00 19/07/2013 1,030,000 GBP 1,207,155 EUR HSBC (4,744) 0.00





Notional amount




assets

Sell Fiat Finance North America 5.625% 12/06/2017 EUR 1,000,000 20/06/2017

Societe Generale Corporate

& Investment Banking 35,990 0.01

Sell Fiat Finance North America 5.625% 12/06/2017 EUR 2,000,000 20/09/2017 Morgan Stanley 61,371 0.01

Sell iTraxx Europe Crossover Series 19 01/06/2018 EUR 5,000,000 20/06/2018 Barclays Capital 60,403 0.01

Sell iTraxx Europe Crossover Series 19 01/06/2018 EUR 14,500,000 20/06/2018


& Investment Banking 175,169 0.03

Net Unrealised Gain on Credit Default Swap Contracts 332,933 0.06







Global Bond Fund

INVESTMENT AIM

To provide an attractive rate of return, measured in US dollars, through market, instrument and currency selection. The Fund consists of domestic, international and Euromarket fixed income securities of varying maturities denominated in US dollars and other currencies, including emerging markets.



Investments



value% of net


United States of AmericaGoldman Sachs Group sr unsecur 2.375% /2018 2,355,000 2,310,938 0.44Citigroup sr unsecur 8.5% /2019 1,669,000 2,097,624 0.40Bank of America sr unsecur 5.7% /2022 1,850,000 2,050,151 0.39Prudential Financial sr unsecur SerMTND 7.375% /2019 1,230,000 1,502,137 0.28Discover Bank sr unsecur 2% /2018 1,530,000 1,482,383 0.28Marathon Petroleum sr unsecur 5.125% /2021 1,195,000 1,312,427 0.25Priceline.com sr unsecur CV 1% /2018 1,119,000 1,300,138 0.25Jefferies Group sr unsecur CV 3.875% /2029 1,202,000 1,292,829 0.24General Electric Capital sr unsecur SerGMTN 6% /2019 1,105,000 1,281,446 0.24Lam Research sr unsecur CV 1.25% /2018 1,161,000 1,279,521 0.24International Game Technology sr unsecur CV 3.25% 01/05/2014 1,161,000 1,236,616 0.23Molson Coors Brewing co gtd CV 2.5% 30/07/2013 1,203,000 1,217,009 0.23Boston Properties sr unsecur Ser144A priv plmt CV 3.625% 15/02/2014 1,167,000 1,208,574 0.23Allegheny Technologies sr unsecur CV 4.25% 01/06/2014 1,162,000 1,203,722 0.23Bank of America sr unsecur 5.625% /2020 1,075,000 1,185,354 0.22Boston Properties sr unsecur 3.85% /2023 1,200,000 1,182,378 0.22Capital One Bank USA subord 3.375% /2023 1,254,000 1,176,340 0.22Newmont Mining co gtd SerA CV 1.25% /2014 1,155,000 1,162,219 0.22Intel jr subord CV 2.95% /2035 1,072,000 1,158,419 0.22Goldman Sachs Group sr unsecur SerEMTN 4.375% /2017 (EUR) 800,000 1,126,736 0.21Boston Scientific sr unsecur 6% /2020 985,000 1,115,542 0.21American Tower sr unsecur 3.5% /2023 1,150,000 1,052,284 0.20Citigroup sr unsecur 6.125% /2018 913,000 1,041,984 0.20JPMorgan Chase & Co subord nts 3.375% /2023 1,100,000 1,023,093 0.19Life Technologies sr unsecur 6% /2020 900,000 1,011,744 0.19Actavis sr unsecur 3.25% /2022 1,050,000 975,865 0.19CSC Holdings sr unsecur 6.75% /2021 870,000 932,649 0.18DCP Midstream Operating co gtd 3.875% /2023 975,000 916,729 0.17American International Group sr unsecur 6.4% /2020 760,000 879,119 0.17Home Depot sr unsecur 5.875% /2036 725,000 846,822 0.16Genworth Holdings co gtd 7.2% /2021 700,000 785,221 0.15Hewlett-Packard sr unsecur 4.65% /2021 780,000 780,889 0.15JPMorgan Chase & Co sr unsecur 3.25% /2022 800,000 758,192 0.14Ford Motor Credit sr unsecur 4.207% /2016 710,000 744,524 0.14JPMorgan Chase & Co sr unsecur SerEMTN 2.875% /2028 (1) (EUR) 600,000 744,356 0.14Comcast co gtd 4.65% /2042 725,000 693,426 0.13Freeport-McMoRan Copper & Gold sr unsecur Ser144A priv plmt 2.375% /2018 710,000 674,770 0.13Georgia-Pacific sr unsecur 8.875% /2031 475,000 660,939 0.13Wells Fargo & Co sr unsecur SerEMTN 2.625% /2022 (EUR) 500,000 654,383 0.12Altria Group co gtd 2.85% /2022 705,000 648,632 0.12ConAgra Foods sr unsecur 4.65% /2043 700,000 643,072 0.12PPL WEM Holdings sr unsecur Ser144A priv plmt 3.9% /2016 (United Kingdom) (2) 600,000 627,421 0.12Wells Fargo & Co subord SerM 3.45% /2023 615,000 585,827 0.11UnitedHealth Group sr unsecur 4.25% /2043 625,000 568,747 0.11Omnicom Group co gtd 3.625% /2022 575,000 556,077 0.11American International Group sr unsecur 4.875% /2022 500,000 531,412 0.10Pioneer Natural Resources sr unsecur 7.5% /2020 425,000 520,546 0.10Amgen sr unsecur 5.15% /2041 521,000 518,502 0.10


Global Bond Fund

Investments



value% of net

assets

Imperial Tobacco Finance co gtd SerEMTN 4.5% /2018 (EUR) 200,000 290,919 0.05Heathrow Funding secured SerEMTN 6.25% /2018 (Jersey) (2) (GBP) 150,000 255,749 0.05BAT International Finance co gtd Ser144A priv plmt 9.5% /2018 190,000 254,857 0.05Heathrow Funding sr secured Ser144A priv plmt 4.6% /2018 (Jersey) (2) (EUR) 150,000 219,135 0.04Heathrow Funding sr secured SerEMTN 4.125% /2016 (Jersey) (2) (EUR) 100,000 141,534 0.03BAT International Finance co gtd SerEMTN 3.625% /2021 (EUR) 100,000 141,075 0.03HBOS subord SerGMTN 6.75% /2018 130,000 138,645 0.03WPP Finance co gtd 8% /2014 100,000 108,019 0.02


FranceSociété Générale sr unsecur Ser144A priv plmt 5.2% /2021 2,100,000 2,214,586 0.42Crédit Agricole subord SerEMTN 3.9% /2021 (1) (EUR) 1,500,000 1,928,996 0.37BNP Paribas bnk gtd SerBKNT 5% /2021 1,655,000 1,752,148 0.33Crédit Agricole sr unsecur Ser144A priv plmt 2.125% /2018 1,800,000 1,746,810 0.33AXA subord SerEMTN 5.25% /2040 (5) (EUR) 1,200,000 1,597,433 0.30Europcar Groupe secured RegS 11.5% /2017 (EUR) 900,000 1,296,922 0.25Holding Medi-Partenaires sr secured RegS 7% /2020 (EUR) 800,000 1,002,296 0.19Electricité de France sr unsecur Ser144A priv plmt 4.6% /2020 810,000 877,736 0.17Veolia Environnement sr unsecur SerEMTN 6.75% /2019 (EUR) 500,000 810,075 0.15AXA subord SerEMTN 5.125% /2043 (1) (5) (EUR) 625,000 809,221 0.15Banque Federative du Credit Mutuel sr unsecur SerEMTN 3% /2015 (EUR) 500,000 680,208 0.13Eutelsat sr unsecur 5% /2019 (EUR) 400,000 592,764 0.11BNP Paribas subord SerEMTN 5.431% /2017 (1) (EUR) 350,000 508,730 0.10Crédit Agricole jr subord Ser144A priv plmt 8.375% perpetual (5) 355,000 376,046 0.07Areva sr unsecur SerEMTN 4.625% /2017 (EUR) 200,000 283,167 0.05Elior Finance & Co sr secured RegS 6.5% /2020 (Luxembourg) (2) (EUR) 200,000 265,746 0.05Banque Federative du Credit Mutuel sr unsecur SerEMTN 2% /2019 (1) (EUR) 200,000 257,483 0.05Crédit Agricole subord SerEMTN 5.875% /2019 (1) (EUR) 150,000 217,344 0.04Areva sr unsecur SerEMTN 3.875% /2016 (1) (EUR) 50,000 68,856 0.01Crédit Agricole jr subord 7.875% perpetual (5) (EUR) 50,000 68,566 0.01Orange sr unsecur 8.5% /2031 35,000 47,569 0.01


GermanyKfW - Kreditanstalt fuer Wiederaufbau govt gtd 2.05% /2026 (JPY) 315,000,000 3,603,521 0.68Allianz Finance II co gtd SerEMTN 5.75% /2041 (Netherlands) (2) (5) (EUR) 1,900,000 2,740,204 0.52Muenchener Rueckversicherungs subord SerEMTN 6% /2041 (5) (EUR) 1,200,000 1,781,139 0.34KfW - Kreditanstalt fuer Wiederaufbau govt gtd SerDPW CV 1.5% /2014 (EUR) 800,000 1,425,024 0.27Siemens Financieringsmaatschappij co gtd SerWW CV 1.65% /2019 (Netherlands) (2) 1,250,000 1,297,969 0.25Aabar Investments sr unsecur RegS CV 4% /2016 (United Arab Emirates) (2) (EUR) 900,000 1,237,542 0.23RWE jr subord 7% perpetual (5) (GBP) 700,000 1,132,872 0.21Deutsche Bank subord nts 4.296% /2028 (5) 1,095,000 1,016,806 0.19



Investments



value% of net

assets

Farmers Exchange Capital subord Ser144A priv plmt 7.05% /2028 430,000 502,817 0.10SABMiller Holdings co gtd Ser144A priv plmt 3.75% /2022 480,000 483,526 0.09GE Capital Trust II RegS 5.5% /2067 (1) (5) (EUR) 350,000 459,444 0.09Goldman Sachs Group sr unsecur 0.548% /2016 (5) (EUR) 350,000 447,279 0.09Freeport-McMoRan Copper & Gold sr unsecur Ser144A priv plmt 3.875% /2023 475,000 432,031 0.08Goldman Sachs Group subord 6.75% /2037 420,000 426,558 0.08General Electric Capital subord 5.3% /2021 375,000 410,381 0.08CBS co gtd 5.75% /2020 345,000 389,878 0.07L-3 Communications co gtd 4.75% /2020 370,000 388,021 0.07Phillips 66 co gtd 4.3% /2022 325,000 334,279 0.06Direct TV Financing co gtd 4.6% /2021 250,000 258,444 0.05MeadWestvaco sr unsecur 7.375% /2019 170,000 201,375 0.04BNP Paribas US Medium-Term Note Program bnk gtd Ser144A priv plmt 5.125% /2015 (France) (2) 180,000 188,134 0.04Crown Castle International sr unsecur 5.25% /2023 180,000 173,107 0.03


United KingdomLloyds TSB Bank subord SerEMTN 6.5% /2020 (1) (EUR) 1,800,000 2,571,329 0.49Royal Bank of Scotland sr unsecur SerEMTN 5.5% /2020 (EUR) 1,600,000 2,371,100 0.45Barclays Bank subord SerEMTN 6% /2021 (EUR) 1,600,000 2,258,679 0.43Aviva subord SerEMTN 6.875% /2038 (5) (EUR) 1,200,000 1,715,575 0.32HSBC Holdings sr unsecur 4% /2022 1,330,000 1,355,609 0.26HSBC Holdings subord SerEMTN 6% /2019 (EUR) 850,000 1,279,295 0.24Glencore Finance Europe co gtd CV 5% /2014 (Luxembourg) (2) 1,100,000 1,206,155 0.23Nationwide Building Society sr unsecur SerEMTN 3.75% /2015 (EUR) 800,000 1,083,702 0.20Experian Finance co gtd Ser144A priv plmt 2.375% /2017 1,025,000 1,016,431 0.19Imperial Tobacco Finance co gtd SerEMTN 7.75% /2019 (GBP) 500,000 947,268 0.18NGG Finance co gtd SerGBP 5.625% /2073 (5) (GBP) 600,000 901,144 0.17Ineos Finance sr secured Ser144A priv plmt 7.5% /2020 675,000 715,500 0.14Nationwide Building Society nts Ser144A priv plmt 6.25% /2020 620,000 694,677 0.13Anglo American Capital co gtd Ser144A priv plmt 9.375% /2019 395,000 500,101 0.09Barclays Bank jr subord SerRCI 14% perpetual (5) (GBP) 250,000 496,609 0.09Anglian Water Osprey Financing sr secured SerEMTN 7% /2018 (GBP) 300,000 484,816 0.09High Speed Rail Finance 1 sr secured SerEMTN 4.375% /2038 (GBP) 300,000 451,526 0.09Barclays Bank subord SerEMTN 6% /2018 (EUR) 300,000 430,540 0.08Rolls-Royce nts SerEMTN 2.125% /2021 (EUR) 300,000 389,074 0.07Standard Chartered subord nts SerEMTN 3.625% /2022 (EUR) 300,000 379,965 0.07Compass Group sr unsecur SerEMTN 3.125% /2019 (EUR) 250,000 344,611 0.07HSBC Holdings subord SerEMTN 6.25% /2018 (1) (EUR) 200,000 300,524 0.06






Global Bond Fund

Investments



value% of net

assets



Investments



value% of net

assets

Muenchener Rueckversicherungs subord SerEMTN 6.25% /2042 (5) (EUR) 400,000 601,055 0.11E.ON International Finance co gtd Ser144A priv plmt 5.8% /2018 (Netherlands) (2) 450,000 520,931 0.10KfW - Kreditanstalt fuer Wiederaufbau govt gtd SerMTN 3.75% /2018 (AUD) 500,000 451,863 0.09Eurogrid co gtd SerEMTN 3.875% /2020 (EUR) 300,000 430,344 0.08Techem Energy Metering Service & Co co gtd RegS 7.875% /2020 (1) (EUR) 300,000 414,699 0.08Techem sr secured RegS 6.125% /2019 (EUR) 125,000 171,560 0.03Daimler Finance North America co gtd 8.5% /2031 (United States of America) (2) 35,000 49,580 0.01


ItalyIntesa Sanpaolo sr unsecur Ser144A priv plmt 6.5% /2021 2,000,000 2,020,280 0.38UniCredit sr unsecur SerEMTN 4.375% 10/02/2014 (EUR) 1,500,000 1,993,762 0.38Finmeccanica Finance co gtd SerEMTN 8.125% 03/12/2013 (Luxembourg) (2) (EUR) 1,000,000 1,337,989 0.25Assicurazioni Generali subord SerEMTN 10.125% /2042 (1) (5) (EUR) 800,000 1,259,576 0.24Enel Finance International co gtd Ser144A priv plmt 5.125% /2019 (Netherlands) (2) 900,000 932,755 0.18Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (2) (EUR) 500,000 726,253 0.14Gtech Spa co gtd 5.375% /2018 (EUR) 300,000 432,005 0.08Assicurazioni Generali sr unsecur SerEMTN 5.125% /2024 (EUR) 250,000 347,137 0.06Gtech Spa co gtd 5.375% /2016 (EUR) 150,000 214,136 0.04


BrazilBanco Nacional de Desenvolvimento Economico e Social sr unsecur Ser144A priv plmt 5.5% /2020 3,000,000 3,096,660 0.59Banco BTG Pactual sr unsecur RegS 4% /2020 3,440,000 2,985,146 0.56Petrobras International Finance co gtd 5.75% /2020 (Cayman Islands) (2) 1,050,000 1,088,467 0.21Banco Bradesco sr unsecur Ser144A priv plmt 4.125% /2016 720,000 743,310 0.14BRF sr unsecur Ser144A priv plmt 3.95% /2023 420,000 369,655 0.07Vale Overseas co gtd 5.625% /2019 (Cayman Islands) (2) 325,000 349,406 0.07Vale Overseas co gtd 6.875% /2039 (Cayman Islands) (2) 75,000 75,938 0.01


SpainProsegur Cia de Seguridad sr unsecur SerEMTN 2.75% /2018 (EUR) 1,000,000 1,295,163 0.24Amadeus Capital Markets co gtd SerEMTN 4.875% /2016 (EUR) 750,000 1,068,728 0.20Banco Bilbao Vizcaya Argentaria covered 3.625% /2017 (EUR) 700,000 945,332 0.18

Santander Holdings USA sr unsecur 4.625% /2016 (United States of America) (2) 730,000 769,595 0.15BBVA Senior Finance co gtd SerGMTN 3.25% /2016 (1) (EUR) 500,000 654,302 0.12Telefonica Emisiones co gtd SerEMTN 4.967% /2016 (EUR) 400,000 557,609 0.11Telefonica Emisiones co gtd SerEMTN 4.71% /2020 (1) (EUR) 400,000 547,312 0.10Santander International Debt bnk gtd SerEMTN 3.5% /2015 (EUR) 400,000 531,790 0.10Iberdrola Finanzas co gtd SerEMTN 4.75% /2016 (EUR) 300,000 421,574 0.08Santander US Debt bnk gtd Ser144A priv plmt 3.724% /2015 400,000 405,550 0.08Iberdrola Finance Ireland co gtd Ser144A priv plmt 5% /2019 (Ireland) (2) 300,000 315,385 0.06Telefonica Emisiones co gtd SerEMTN 4.797% /2018 (1) (EUR) 200,000 280,029 0.05Gas Natural Capital Markets co gtd Ser9 4.125% /2018 (EUR) 150,000 207,530 0.04Telefonica Emisiones co gtd SerEMTN 4.693% /2019 (EUR) 150,000 206,302 0.04


NetherlandsABN Amro Bank subord SerEMTN 6.375% /2021 (EUR) 1,400,000 2,012,229 0.38Cooperatieve Centrale Raiffeisen-Boerenleenbank subord SerGMTN 3.75% /2020 (1) (EUR) 1,000,000 1,330,411 0.25ING US co gtd Ser144A priv plmt 2.9% /2018 (United States of America) (2) 925,000 930,614 0.18Iberdrola International co gtd SerEMTN 5.75% perpetual (5) (EUR) 500,000 649,218 0.12Aegon sr unsecur 4.625% /2015 600,000 646,563 0.12Cooperatieve Centrale Raiffeisen-Boerenleenbank sr unsecur RegS 6.875% /2020 (EUR) 400,000 562,442 0.11SRLEV bnk gtd 9% /2041 (1) (EUR) 400,000 509,784 0.10ABN AMRO Bank sr unsecur SerEMTN 4.25% /2016 (EUR) 200,000 281,219 0.05ABN Amro Bank sr unsecur SerEMTN 3.625% /2017 (1) (EUR) 200,000 280,434 0.05Cooperatieve Centrale Raiffeisen-Boerenleenbank jr subord Ser144A priv plmt 11% perpetual (5) 75,000 96,410 0.02


AustraliaCommonwealth Bank of Australia sr unsecur Ser144A priv plmt 5% /2019 930,000 1,046,190 0.20Australia & New Zealand Banking Group sr unsecur Ser144A priv plmt 4.875% /2021 925,000 1,021,750 0.19Wesfarmers sr unsecur Ser144A priv plmt 1.874% /2018 935,000 919,387 0.17Commonwealth Bank of Australia sr unsecur Ser144A priv plmt 5% /2020 800,000 891,068 0.17Macquarie Bank subord Ser144A priv plmt 6.625% /2021 755,000 802,550 0.15QBE Capital Funding III co gtd Ser144A priv plmt 7.25% /2041 (Jersey) (2) (5) 700,000 742,427 0.14Telstra sr unsecur SerEMTN 2.5% /2023 (EUR) 300,000 380,214 0.07Origin Energy Finance co gtd SerEMTN 2.875% /2019 (EUR) 100,000 131,699 0.03



Germany (continued)


Spain (continued)


Global Bond Fund

Investments



value% of net

assets

IndiaVedanta Resources sr nts Ser144A priv plmt 6% /2019 (United Kingdom) (2) 1,700,000 1,626,993 0.31Bank of India sr unsecur Ser144A priv plmt 3.625% /2018 1,200,000 1,142,712 0.22Bharat Petroleum sr unsecur 4.625% /2022 530,000 497,355 0.09Bharti Airtel International co gtd Ser144A priv plmt 5.125% /2023 (Netherlands) (2) 490,000 449,492 0.08


SwedenNordea Bank subord SerEMTN 4% /2021 (EUR) 1,700,000 2,311,004 0.44Industrivarden sr unsecur RegS CV 1.875% /2017 (EUR) 800,000 1,128,198 0.21


SwitzerlandCredit Suisse subord 5.4% /2020 1,250,000 1,352,519 0.26Syngenta Finance co gtd 3.125% /2022 (Netherlands) (2) 840,000 820,992 0.16Aquarius and Investments for Zurich Insurance secured SerEMTN 4.25% /2043 (Ireland) (2) (5) (EUR) 300,000 384,236 0.07UBS jr subord SerEMTN 7.152% perpetual (5) (EUR) 50,000 70,361 0.01


CanadaGoldcorp sr unsecur 3.7% /2023 1,730,000 1,521,613 0.29Brookfield Asset Management sr unsecur 5.8% /2017 655,000 720,380 0.13


LuxembourgBormioli Rocco Holdings sr secured RegS 10% /2018 (1) (EUR) 500,000 673,151 0.13Geo Debt Finance sr secured RegS 7.5% /2018 (EUR) 500,000 653,626 0.13ArcelorMittal subord 8.75% perpetual (1) (5) 400,000 423,896 0.08


United Arab EmiratesADCB Finance Cayman co gtd SerGMTN 2.5% /2018 (Cayman Islands) (1) (2) 800,000 772,620 0.14IPIC GMTN co gtd RegS 5.875% /2021 (Cayman Islands) (2) (EUR) 400,000 615,047 0.12IPIC GMTN co gtd RegS 2.375% /2018 (Cayman Islands) (2) (EUR) 250,000 329,008 0.06


SingaporeCapitaLand sr unsecur RegS CV 1.85% /2020 (SGD) 2,250,000 1,638,023 0.31


IrelandArdagh Glass Finance co gtd RegS 8.75% /2020 (EUR) 700,000 941,883 0.18CRH America co gtd 6% /2016 (United States of America) (2) 615,000 691,054 0.13




Investments



value% of net

assets

RussiaVnesheconombank Via VEB Finance sr unsecur Ser144A priv plmt 6.025% /2022 (Ireland) (2) 2,900,000 3,011,258 0.57Gazprombank ViaB Eurobond Finance sr unsecur RegS 7.875% /2016 (Ireland) (2) (RUB) 47,000,000 1,401,299 0.27Lukoil International Finance co gtd CV 2.625% /2015 (Netherlands) (2) 1,100,000 1,184,249 0.22


South KoreaKorea Gas sr unsecur Ser144A priv plmt 2.25% /2017 3,000,000 2,909,805 0.55Korea Finance sr unsecur 4.625% /2021 1,275,000 1,306,824 0.25SK Telecom sr unsecur Ser144A priv plmt 2.125% /2018 570,000 546,547 0.10


ChinaTong Jie co gtd Ser363 CV 0% /2018 (British Virgin Islands) (2) (HKD) 13,000,000 1,640,255 0.31CNOOC Finance 2012 co gtd Ser144A priv plmt 3.875% /2022 (British Virgin Islands) (2) 1,000,000 973,085 0.19Want Want China Finance co gtd Ser144A priv plmt 1.875% /2018 (Cayman Islands) (2) 990,000 929,991 0.18Amber Circle Funding co gtd RegS 3.25% /2022 (Cayman Islands) (2) 900,000 812,173 0.15


PortugalEDP Finance sr unsecur Ser144A priv plmt 6% /2018 (Netherlands) (2) 1,600,000 1,653,344 0.31Eni sr unsecur SerGALP CV 0.25% /2015 (Italy) (2) (EUR) 1,200,000 1,605,986 0.31Brisa Concessao Rodoviaria sr secured SerEMTN 6.875% /2018 (EUR) 800,000 1,068,875 0.20


IndonesiaPerusahaan Listrik Negara sr unsecur RegS 5.5% /2021 3,100,000 3,068,938 0.58Pertamina Persero sr unsecur Ser144A priv plmt 4.875% /2022 960,000 927,802 0.18


MexicoPetroleos Mexicanos co gtd 4.875% /2022 3,500,000 3,546,217 0.67America Movil sr unsecur SerEMTN 4.125% /2019 (EUR) 300,000 429,587 0.08


KazakhstanKazMunayGas National sr unsecur Ser144A priv plmt 6.375% /2021 2,000,000 2,179,360 0.41KazMunayGas National sr unsecur RegS 6.375% /2021 1,600,000 1,738,208 0.33





Global Bond Fund

PeruBanco de Credito del Peru sr subord Ser144A priv plmt 6.125% /2027 (5) 1,525,000 1,554,082 0.30

Total for Peru 0.30

ThailandThai Oil sr unsecur RegS 4.875% /2043 875,000 743,330 0.14PTT sr unsecur Ser144A priv plmt 3.375% /2022 800,000 731,536 0.14


NorwaySiem Industries sr secured SerSUBC CV 1% /2019 (Cayman Islands) (2) 1,200,000 1,125,330 0.21


Hong KongHutchison Whampoa Europe Finance 12 co gtd SerEMTN 2.5% /2017 (Cayman Islands) (2) (EUR) 800,000 1,074,404 0.20


IsraelTeva Pharmaceutical Finance IV co gtd 3.65% /2021 (Curacao) (2) 630,000 632,766 0.12


AustriaAtrium European Real Estate sr unsecur 4% /2020 (Jersey) (1) (2) (EUR) 450,000 583,839 0.11


QatarQtel International Finance co gtd RegS 3.25% /2023 (Bermuda) (2) 450,000 409,351 0.08



Government Bonds

JapanGovernment of Japan sr unsecur 1.7% /2033 (JPY) 1,820,000,000 18,384,728 3.48Government of Japan sr unsecur 1.1% /2021 (JPY) 800,000,000 8,315,058 1.57


ItalyItaly Buoni Poliennali Del Tesoro 5.5% /2022 (EUR) 6,600,000 9,210,396 1.74Italy Buoni Poliennali Del Tesoro 3.75% /2016 (EUR) 5,500,000 7,387,675 1.40Italy Buoni Poliennali Del Tesoro 4.5% /2019 (EUR) 2,700,000 3,650,447 0.69



Investments



value% of net

assets

Investments



value% of net

assets

Italy Buoni Poliennali Del Tesoro 4% /2020 (EUR) 2,700,000 3,532,583 0.67Italy Buoni Poliennali Del Tesoro sr unsecur 5% /2039 (EUR) 1,250,000 1,632,011 0.31


United States of AmericaUS Treasury 3.5% /2039 12,600,000 12,665,953 2.40US Treasury 3.5% /2018 8,500,000 9,337,383 1.76


PolandGovernment of Poland Ser1019 5.5% /2019 (PLN) 18,000,000 5,874,869 1.12Government of Poland sr unsecur 5% /2022 3,500,000 3,772,947 0.71Government of Poland Ser1021 5.75% /2021 (PLN) 11,000,000 3,646,931 0.69


CanadaGovernment of Canada 3.25% /2021 (CAD) 8,900,000 9,044,655 1.71Government of Canada 3.75% /2019 (CAD) 4,000,000 4,168,419 0.79


United KingdomUK Treasury 4.25% /2032 (GBP) 4,000,000 6,919,546 1.31UK Treasury 4.25% /2039 (GBP) 3,313,332 5,686,517 1.08


GermanyBundesrepublik Deutschland Ser05 4% /2037 (EUR) 4,000,000 6,622,460 1.25Bundesrepublik Deutschland Ser03 4.75% /2034 (EUR) 2,700,000 4,852,850 0.92


SpainGovernment of Spain 5.85% /2022 (EUR) 3,500,000 4,948,566 0.94Government of Spain nts RegS 4% /2018 2,700,000 2,675,673 0.50Government of Spain 4.4% /2023 (EUR) 2,000,000 2,522,229 0.48


NorwayGovernment of Norway Ser472 4.25% /2017 (NOK) 46,000,000 8,293,778 1.57


MexicoMexican Bonos SerM 20 10% /2024 (MXN) 73,000,000 7,465,345 1.41


AustraliaGovernment of Australia sr unsecur Ser122 5.25% /2019 (AUD) 3,200,000 3,238,440 0.62Treasury of Victoria local govt gtd Ser1116 5.75% /2016 (AUD) 3,000,000 2,971,788 0.56




Italy (continued)


Global Bond Fund

Investments



value% of net

assets

South KoreaRepublic of Korea sr unsecur 7.125% /2019 500,000 610,670 0.12




United States of AmericaGNMAII TBA 30 Years 3.5% /2043 9,278,000 9,476,607 1.79FNMA Pool MA1283 3.5% /2042 5,903,659 5,890,808 1.12GNMAI TBA 30 Years 3.5% /2043 4,997,000 5,102,405 0.97FNMA TBA 30 Years 3% /2043 5,114,000 4,977,360 0.94RALI Trust 2006-QS8 A1 6% /2036 4,232,494 3,442,487 0.65FNMA Pool AJ9630 4% /2041 3,269,255 3,406,820 0.65WaMu Mortgage Pass Through Certificates 2007-OA4 1A 0.933% /2047 (5) 3,789,909 3,214,904 0.61JP Morgan Mortgage Trust 2006-S4 A8 0.573% /2037 (5) 4,955,349 3,079,596 0.58Chase Mortgage Finance 2007-A1 11A4 2.676% /2037 (5) 2,836,048 2,549,343 0.48FNMA Pool AI1647 4.5% /2041 2,346,109 2,534,583 0.48WaMu Mortgage Pass Through Certificates 2007-HY4 5A1 2.276% /2036 (5) 2,994,169 2,484,846 0.47Queens Centre Mortgage Trust 2013-QCA A 3.275% /2037 2,570,870 2,384,666 0.45GNMA TBA 30 Years 3% /2043 2,300,000 2,271,250 0.43JP Morgan Mortgage Trust 2007-A4 2A3 5.498% /2037 (5) 2,677,418 2,253,888 0.43GNMA II Pool MA0535 4% /2042 2,035,200 2,139,762 0.41Countrywide Alternative Loan Trust 2007-5CB 1A12 6% /2037 2,614,463 1,999,510 0.38JP Morgan Alternative Loan Trust 2006-S1 1A19 6.5% /2036 2,233,224 1,970,764 0.37Commercial Mortgage Trust 2012-CR4 A3 2.853% /2045 2,075,000 1,929,064 0.37WaMu Mortgage Pass Through Certificates 2006-AR7 2A 1.143% /2046 (5) 2,137,028 1,632,808 0.31Banc of America Funding 2006-G 2A4 Trust 0.482% /2036 (5) 1,935,000 1,609,710 0.31Indymac Index Mortgage Loan Trust 2005-AR23 2A1 2.486% /2035 (5) 2,047,302 1,608,191 0.30Countrywide Alternative Loan Trust 2006-14CB A7 6% /2036 1,951,844 1,578,945 0.30GS Mortgage Securities II 2013-KYO D 2.793% /2029 (5) 1,500,000 1,502,327 0.28GNMA 2013-71 IG 3.5% /2043 6,228,614 1,477,673 0.28Countrywide Alternative Loan Trust 2006-6CB 2A4 5.75% /2036 1,946,109 1,424,095 0.27Irvine Core Office Trust 2013-IRV A2 3.173% /2048 (5) 1,496,000 1,417,064 0.27Freddie Mac TBA 30 Years 3.5% /2043 1,365,000 1,380,889 0.26Freddie Mac Gold Pool Q04858 4% /2041 1,221,110 1,272,633 0.24Wells Fargo Commercial Mortgage Trust 2012-LC5 A3 2.918% /2045 1,317,000 1,241,087 0.24Commercial Mortgage Trust Pass Through Certificates 2012-CR3 A3 2.822% /2045 1,252,847 1,169,658 0.22FNMA Pool AH5714 5% /2041 1,004,940 1,112,809 0.21FNMA Pool AD0426 5.5% /2038 992,282 1,085,262 0.21Countrywide Alternative Loan Trust 2006-36T2 2A5 6% /2036 1,418,224 1,028,672 0.19Citigroup Mortgage Loan Trust 2005-9 2A2 5.5% /2035 966,737 968,684 0.18FNMA TBA 15 Years 2.5% /2028 960,000 964,275 0.18FNMA Pool AJ2800 4% /2041 851,259 887,079 0.17Banc of America Funding 2007-5 3A1 6% /2037 1,077,464 857,009 0.16FNMA Pool AH2426 5% /2041 723,790 801,348 0.15Banc of America Funding 2006-8T2 A6 step cpn 6.049% /2036 947,583 784,132 0.15



Investments



value% of net

assets

IrelandGovernment of Ireland 3.9% /2023 (EUR) 4,000,000 5,136,413 0.97


RussiaRussian Foreign Bond - Eurobond sr unsecur RegS 4.5% /2022 (1) 5,000,000 5,124,550 0.97


BrazilRepublic of Brazil sr unsecur 8.5% /2024 (BRL) 5,000,000 2,123,023 0.40Brazil Notas do Tesouro Nacional Serie F sr nts SerNTNF 10% /2017 (BRL) 414,300 1,820,235 0.35


SwedenSwedish Government Ser1052 4.25% /2019 (SEK) 15,000,000 2,526,414 0.48


GreeceRepublic of Greece SerPSI step cpn 2% /2025 (EUR) 3,900,000 2,459,053 0.46


South AfricaRepublic of South Africa SerR207 7.25% /2020 (ZAR) 24,000,000 2,386,021 0.45


New ZealandGovernment of New Zealand sr unsecur Ser420 3% /2020 (NZD) 2,700,000 1,983,765 0.38


FranceGovernment of France OAT 5.5% /2029 (EUR) 1,100,000 1,890,493 0.36


SloveniaRepublic of Slovenia Ser144A priv plmt 5.85% /2023 1,880,000 1,750,421 0.33

Total for Slovenia 0.33

PortugalPortugal Obrigacoes do Tesouro OT sr unsecur 5.65% /2024 (EUR) 1,240,000 1,506,266 0.28





Global Bond Fund

RALI Trust 2006-QS4 A2 6% /2036 955,863 782,917 0.15Countrywide Alternative Loan Trust 2006-4CB 1A1 6% /2036 914,817 736,543 0.14FNMA TBA 30 Years 3.5% /2043 662,500 669,850 0.13JP Morgan Chase Commercial Mortgage Securities 4.717% /2046 600,000 660,410 0.12First Horizon Alternative Mortgage Securities Trust 2006-FA4 1A1 6% /2036 706,647 596,177 0.11Residential Asset Securitization Trust 2006-A6 2A6 6% /2036 675,630 581,804 0.11FNMA Pool AP7911 3.5% /2042 568,008 577,169 0.11RALI Trust 2007-QS2 A1 6% /2037 753,098 575,430 0.11Banc of America Alternative Loan Trust 2005-8 2CB1 6% /2035 584,501 540,235 0.10Freddie Mac Gold Pool A68767 6% /2037 412,552 448,281 0.09Luminent Mortgage Trust 2006-6 A2A 0.363% /2046 (5) 1,568,801 428,536 0.08CNH Equipment Trust 2011-A A3 1.2% /2016 421,050 422,698 0.08WFRBS Commercial Mortgage Trust 2013-C11 B 3.714% /2045 (5) 430,000 403,641 0.08Countrywide Alternative Loan Trust 2005-86CB A4 5.5% /2036 485,110 401,940 0.08CVS Pass-Through Trust pass thru certs Ser144A priv plmt 8.353% /2031 263,835 338,788 0.06Citigroup Mortgage Loan Trust 2005-WF1 A4 step cpn 5.53% /2034 300,000 309,962 0.06CVS Pass-Through pass thru certs 6.036% /2028 259,931 293,859 0.06Countrywide Alternative Loan Trust 2007-5CB 2A1 6% /2037 398,634 290,245 0.06Lehman Mortgage Trust 2005-1 2A1 5.5% /2035 242,056 236,718 0.04FNMA Pool 962304 5.5% /2038 217,409 235,630 0.04Countrywide Alternative Loan Trust 2005-86CB A11 5.5% /2036 274,334 227,301 0.04FNMA Pool AP7586 3.5% /2042 177,231 180,093 0.03FNMA Pool AH2962 5% /2041 155,078 171,284 0.03FNMA Pool 490758 6.5% /2029 122,476 140,615 0.03FNMA Pool AK8789 3.5% /2042 78,836 80,110 0.02Freddie Mac Gold Pool A64548 6% /2037 51,768 56,264 0.01FNMA Pool 253894 6.5% /2031 28,416 31,454 0.01Freddie Mac Gold Pool G05631 7.5% /2035 25,588 30,609 0.01FNMA Pool AD0273 8.5% /2032 24,613 30,538 0.01Freddie Mac Gold Pool C90299 7.5% /2019 16,937 18,714 0.00Freddie Mac Gold Pool G05640 8.5% /2031 13,822 16,934 0.00Freddie Mac Gold Pool G05639 8% /2032 13,476 16,299 0.00FNMA Pool 485674 6.5% /2029 10,740 11,968 0.00FNMA Pool 253794 6.5% /2031 10,636 11,776 0.00Freddie Mac Gold Pool G00876 6.5% /2028 10,039 11,452 0.00FNMA Pool 625393 6.5% /2032 8,308 8,832 0.00FNMA Pool 527244 6.5% /2029 6,945 7,984 0.00FNMA Pool 251898 6.5% /2028 6,024 6,917 0.00FNMA Pool 251626 7% /2018 5,160 5,534 0.00FNMA Pool 653071 6.5% /2032 3,953 4,302 0.00FNMA Pool 591189 6.5% /2031 2,844 3,272 0.00FNMA Pool 252589 6.5% /2029 2,810 3,125 0.00FNMA Pool 711986 6.5% /2033 2,707 3,120 0.00FNMA Pool 675952 6.5% /2032 2,197 2,454 0.00FNMA Pool 496029 6.5% /2029 1,228 1,372 0.00FNMA Pool 702022 6.5% /2033 1,144 1,319 0.00FNMA Pool 494724 6.5% /2029 676 752 0.00


United KingdomHolmes Master Issuer 2012-3A A1 2.056% /2054 (5) (GBP) 1,378,000 2,176,233 0.41




European Investment Bank sr unsecur 2.15% /2027 (JPY) 190,000,000 2,107,565 0.40


Mutual Fund

Morgan Stanley Liquidity Funds - Euro Liquidity Fund (Luxembourg) (2) (4) (EUR) 501,023 652,838 0.12



DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro Bund Future 09/2013 (55) (10,107,709) Goldman Sachs 160,349 0.03Euro SCHATZ Future 09/2013 (10) (1,437,285) Goldman Sachs 3,648 0.00US 10yr T-note Future 09/2013 (429) (54,094,219) Goldman Sachs 1,146,326 0.22


US 2yr T-note Future 09/2013 129 28,369,923 Goldman Sachs (62,285) (0.01)US 5yr T-note Future 09/2013 153 18,472,360 Goldman Sachs (372,937) (0.07)US Long Bond Future 09/2013 59 7,953,937 Goldman Sachs (345,242) (0.07)US Ultra Bond Future 09/2013 121 17,597,938 Goldman Sachs (1,122,086) (0.21)

Unrealised Loss on Futures Contracts (1,902,550) (0.36)





Investments



value% of net

assets

Investments



value% of net

assets

Mortgage and Asset Backed Securities (continued)




Global Bond Fund


Maturity date

Amount bought Ccy



USD% of net

assets

02/07/2013 84,565,000 MXN 6,396,457 USD State Street 63,571 0.01 02/07/2013 2,250,000 SGD 1,765,347 USD HSBC 8,038 0.00 02/07/2013 8,495,824 USD 8,790,000 CAD RBC 138,563 0.03 02/07/2013 12,402,332 USD 158,565,000 MXN State Street 289,351 0.05 02/07/2013 1,791,038 USD 2,250,000 SGD HSBC 17,653 0.00 05/07/2013 25,622,000 EUR 33,037,775 USD Westpac Bank 348,220 0.07 08/07/2013 3,296,090 CAD 3,300,000 AUD Commonwealth Bank 111,914 0.02 08/07/2013 1,046,808 USD 1,085,000 AUD Westpac Bank 53,393 0.01 08/07/2013 1,079,576 USD 1,175,000 AUD Commonwealth Bank 3,758 0.00 08/07/2013 1,295,045 USD 1,600,000 NZD HSBC 59,087 0.01 08/07/2013 2,791,800 USD 3,500,000 NZD Commonwealth Bank 88,142 0.02 10/07/2013 9,840,191 USD 9,150,000 CHF Deutsche Bank 150,486 0.04 10/07/2013 8,465,089 USD 27,600,000 PLN Deutsche Bank 193,119 0.04 10/07/2013 557,985 USD 1,800,000 PLN J.P. Morgan 18,509 0.00 11/07/2013 1,654,792 USD 3,600,000 BRL HSBC 40,380 0.01 11/07/2013 2,767,892 USD 3,150,000,000 KRW J.P. Morgan 19,927 0.00 16/07/2013 3,329,782 USD 20,000,000 NOK J.P. Morgan 40,377 0.01 17/07/2013 6,500,000 USD 4,891,149 EUR Westpac Bank 126,431 0.02 19/07/2013 3,243,960 USD 2,100,000 GBP RBC 49,404 0.01 24/07/2013 1,404,671 USD 13,935,000 ZAR Deutsche Bank 17,693 0.00 02/08/2013 2,900,000 MXN 166,485 EUR State Street 3,946 0.00 02/08/2013 3,700,000 MXN 279,796 USD J.P. Morgan 2,049 0.00 02/08/2013 6,942,118 USD 7,295,000 CAD RBC 11,577 0.00

Unrealised Gain on Forward Foreign Currency Exchange Contracts 1,855,588 0.35



Total Unrealised Gain on Forward Foreign Currency Exchange Contracts 1,856,417 0.35

02/07/2013 8,790,000 CAD 8,391,710 USD RBC (34,450) (0.01)02/07/2013 167,013 EUR 2,900,000 MXN State Street (3,915) 0.00 02/07/2013 2,900,000 MXN 179,878 EUR State Street (12,848) 0.00 02/07/2013 74,000,000 MXN 5,775,089 USD State Street (122,135) (0.02)02/07/2013 49,100,000 THB 1,631,761 USD HSBC (56,022) (0.01)02/07/2013 1,572,181 USD 49,100,000 THB HSBC (3,557) 0.00 05/07/2013 4,300,000 EUR 5,625,256 USD J.P. Morgan (22,267) 0.00 08/07/2013 3,519,453 NZD 2,827,029 USD HSBC (108,344) (0.02)08/07/2013 1,739,170 USD 13,500,000 HKD HSBC (984) 0.00 10/07/2013 2,600,000 CHF 2,774,843 USD RBC (21,484) 0.00 10/07/2013 1,250,000 CHF 1,335,517 USD UBS (11,787) 0.00 11/07/2013 6,020,000,000 KRW 5,369,151 USD HSBC (117,484) (0.03)11/07/2013 4,150,000 MYR 1,339,228 USD HSBC (26,538) (0.01)11/07/2013 2,714,368 USD 6,100,000 BRL J.P. Morgan (21,164) 0.00 11/07/2013 1,440,813 USD 47,500,000 RUB Deutsche Bank (132) 0.00 16/07/2013 12,600,000 DKK 2,242,498 USD Deutsche Bank (41,193) (0.01)16/07/2013 22,100,000 NOK 3,821,490 USD Deutsche Bank (186,699) (0.04)16/07/2013 9,600,000 SEK 1,454,144 USD Deutsche Bank (31,012) (0.01)19/07/2013 1,545,000 GBP 1,810,083 EUR RBC (8,427) 0.00 19/07/2013 4,175,000 GBP 6,535,720 USD RBC (184,638) (0.03)19/07/2013 160,000 GBP 246,957 USD Commonwealth Bank (3,562) 0.00 26/07/2013 1,703,750,000 JPY 13,384,791 EUR State Street (244,335) (0.05)26/07/2013 3,498,200,000 JPY 36,825,096 USD State Street (1,513,860) (0.29)26/07/2013 20,000,000 JPY 205,407 USD RBC (3,525) 0.00 02/08/2013 6,377,162 USD 84,565,000 MXN State Street (64,537) (0.01)02/08/2013 1,765,351 USD 2,250,000 SGD HSBC (8,098) 0.00

Unrealised Loss on Forward Foreign Currency Exchange Contracts (2,852,997) (0.54)







Notional amount




assets

Buy Alcoa 5.72% 23/02/2019 USD 2,950,000 20/09/2018 Barclays Capital 308,203 0.05

Buy Kohl’s 6.25% 15/12/2017 USD 3,100,000 20/06/2018 J.P. Morgan 51,354 0.01

Sell CDX.NA.IG.18-V 01/06/2017 USD 10,000,000 20/06/2017 J.P. Morgan 141,442 0.03



Unrealised Gain on Credit Default Swap Contracts 548,096 0.10

Buy Koninklijke DSM 4% 10/11/2015 EUR 700,000 20/12/2013 Barclays Capital (4,892) 0.00

Sell iTraxx Europe Series 19 01/06/2018 EUR 10,000,000 20/06/2018


& Investment Banking (102,220) (0.02)

Unrealised Loss on Credit Default Swap Contracts (107,112) (0.02)

Net Unrealised Gain on Credit Default Swap Contracts 440,984 0.08


Maturity date

Amount bought Ccy



USD% of net

assets




Global Bond Fund






assets

Pay fixed rate 2.040%Receive floating rate USD LIBOR 3 months USD 13,090,000 13/02/2023 Bank of America 588,773 0.11


Pay fixed rate 2.091% Receive floating rate USD LIBOR 3 months USD 17,110,000 15/02/2023 Goldman Sachs 692,286 0.13





Cash of USD 3,240,100 paid as collateral by the counterparty in relation to the above OTC contracts.Cash of EUR 50,000 held as collateral by the counterparties in relation to the above OTC contracts.









Global Convertible Bond Fund

INVESTMENT AIM

To seek long-term capital appreciation, measured in US dollars, through investment primarily in convertible bonds issued by companies organised or operating in either the developed or emerging markets which will be denominated in global currencies.



Investments



value% of net

assets Convertible Bonds

Oil & GasLukoil International Finance co gtd CV 2.625% /2015 12,100,000 13,026,739 1.69 Cobalt International Energy sr unsecur CV 2.625% /2019 8,398,000 8,941,561 1.16 Eni sr unsecur SerGALP CV 0.25% /2015 (EUR) 6,500,000 8,699,090 1.13 Stone Energy co gtd CV 1.75% /2017 7,100,000 6,561,181 0.85 Etablissements Maurel et Prom sr unsecur SerMAU CV 7.125% /2014 (EUR) 24,500,000 5,782,188 0.75 Premier Oil Finance Jersey co gtd CV 2.5% /2018 4,500,000 5,053,905 0.65 Chesapeake Energy co gtd CV 2.75% /2035 4,782,000 4,785,802 0.62 Petrominerales co gtd CV 3.25% /2017 5,600,000 4,354,896 0.56

Total for Oil & Gas 7.41

PharmaceuticalsShire sr unsecur SerSHP CV 2.75% 09/05/2014 6,052,000 6,665,249 0.86 Salix Pharmaceuticals sr nts CV 1.5% /2019 5,519,000 6,563,471 0.85 Celesio Finance co gtd CV 2.5% /2018 (EUR) 4,400,000 6,267,897 0.81 Sawai Pharmaceutical sr unsecur CV 0% /2015 (JPY) 419,000,000 5,533,401 0.72 Opko Health sr unsecur Ser144A priv plmt CV 3% /2033 4,715,000 5,065,678 0.66 Endo Health Solutions sr subord nts CV 1.75% /2015 3,537,000 4,753,604 0.62 Medivation sr unsecur CV 2.625% /2017 3,545,000 4,480,029 0.58 Celltrion sr unsecur CV 2.75% /2018 5,250,000 4,272,870 0.55 ViroPharma sr unsecur CV 2% /2017 2,173,000 3,604,355 0.47 Vivus sr unsecur Ser144A priv plmt CV 4.5% /2020 3,540,000 3,533,362 0.46 Auxilium Pharmaceuticals sr unsecur CV 1.5% /2018 3,550,000 3,423,513 0.44


SemiconductorsIntel jr subord CV 2.95% /2035 17,888,000 19,330,041 2.50 ON Semiconductor co gtd SerB CV 2.625% /2026 7,189,000 8,190,859 1.06 Micron Technology sr unsecur SerA CV 1.5% /2031 4,997,000 7,717,242 1.00 SK Hynix sr unsecur CV 2.65% /2015 6,600,000 7,391,901 0.96 Linear Technology sr unsecur SerA CV 3% /2027 5,142,000 5,344,466 0.69

Total for Semiconductors 6.21

Real EstateAgile Property Holdings sr secured CV 4% /2016 8,500,000 8,522,652 1.10 Shui On Land sr unsecur CV 4.5% /2015 (CNH) 49,700,000 8,042,779 1.04 Swiss Prime Site sr unsecur CV 1.875% /2016 (CHF) 6,920,000 7,503,579 0.97 Kaisa Group Holdings sr secured Ser1638 CV 8% /2015 (CNH) 39,400,000 6,541,304 0.85 CapitaLand sr unsecur RegS CV 1.85% /2020 (SGD) 8,750,000 6,370,088 0.83

Total for Real Estate 4.79



Investments



value% of net

assets

WellPoint sr unsecur Ser144A priv plmt CV 2.75% /2042 3,578,000 4,481,212 0.58 HeartWare International sr unsecur CV 3.5% /2017 3,581,000 4,473,242 0.58 Volcano sr unsecur CV 1.75% /2017 3,650,000 3,356,631 0.44


ComputersSanDisk sr unsecur CV 1.5% /2017 8,065,000 10,717,377 1.39 Cap Gemini sr unsecur CV 3.5% 01/01/2014 (EUR) 13,289,200 6,916,254 0.89 CACI International sr subord nts CV 2.125% 01/05/2014 4,422,000 5,231,447 0.68 EMC sr unsecur SerB CV 1.75% 01/12/2013 3,145,000 4,642,822 0.60

Total for Computers 3.56

TelecommunicationsInterDigital co gtd CV 2.5% /2016 6,139,000 6,607,897 0.86 RF Micro Devices subord nts CV 1% 15/04/2014 5,384,000 5,495,045 0.71 KDDI sr unsecur CV 0% /2015 (JPY) 260,000,000 4,728,287 0.61 Comtech Telecommunications sr unsecur CV 3% /2029 4,440,000 4,561,079 0.59 ARRIS Group sr unsecur CV 2% /2026 4,188,000 4,338,370 0.56

Total for Telecommunications 3.33

Holding Companies - DiversifiedSiem Industries sr secured SerSUBC CV 1% /2019 10,400,000 9,752,860 1.26 OHL Investments secured SerOHL CV 4% /2018 (EUR) 5,800,000 7,408,198 0.96 Wharf Finance 2014 co gtd CV 2.3% 07/06/2014 (HKD) 56,000,000 7,370,898 0.96

Total for Holding Companies - Diversified 3.18

Electrical Components & EquipmentsGeneral Cable subord CV step cpn 4.5% /2029 8,167,000 9,024,535 1.17 Chaowei Power Holdings sr unsecur RegS CV 7.25% /2017 (CNH) 49,000,000 7,521,598 0.97 Prysmian sr unsecur SerPRY CV 1.25% /2018 (EUR) 4,500,000 5,984,510 0.78

Total for Electrical Components & Equipments 2.92

InternetPriceline.com sr unsecur CV 1% /2018 11,203,000 13,016,486 1.68 TIBCO Software sr unsecur CV 2.25% /2032 6,151,000 6,003,776 0.78

Total for Internet 2.46

Auto ManufacturersNavistar International sr subord nts CV 3% /2014 6,981,000 6,811,711 0.88 Volkswagen International Finance co gtd RegS CV 5.5% /2015 (EUR) 4,300,000 5,761,478 0.75 Tesla Motors sr unsecur CV 1.5% /2018 4,000,000 4,504,880 0.58

Total for Auto Manufacturers 2.21

Commercial ServicesPHH sr unsecur CV 4% /2014 7,511,000 7,984,306 1.03 Coinstar sr unsecur CV 4% /2014 4,660,000 6,853,462 0.89

Total for Commercial Services 1.92



Investments



value% of net

assets

Diversified Financial ServicesTong Jie co gtd Ser363 CV 0% /2018 (HKD) 75,000,000 9,463,008 1.23 Zeus Cayman II sr secured RegS CV 0% /2016 (JPY) 499,000,000 6,678,063 0.87 Holdgrove co gtd CV 1% /2017 7,000,000 6,581,120 0.85 Magnolia Finance subord SerMOL CV 4% perpetual (5) (EUR) 5,200,000 5,505,861 0.71 Jefferies Group sr unsecur CV 3.875% /2029 5,052,000 5,433,754 0.70


SoftwareSalesforce.com sr unsecur Ser144A priv plmt CV 0.25% /2018 12,997,000 12,404,012 1.61 Take-Two Interactive Software sr unsecur CV 1.75% /2016 8,003,000 8,659,846 1.12 Nuance Communications sr unsecur CV 2.75% /2031 6,752,000 6,948,888 0.90 Electronic Arts sr unsecur CV 0.75% /2016 4,426,000 4,553,380 0.59 Nihon Unisys sr unsecur CV 0% /2016 (JPY) 100,000,000 1,070,588 0.14

Total for Software 4.36

Real Estate Investment Trusts (REITs)Boston Properties sr unsecur Ser144A priv plmt CV 3.625% 15/02/2014 8,467,000 8,768,637 1.13 Starwood Property Trust sr unsecur CV 4.55% /2018 7,100,000 7,246,970 0.94 Pennymac co gtd Ser144A priv plmt CV 5.375% /2020 6,682,000 6,463,332 0.84 Colony Financial sr unsecur CV 5% /2023 6,101,000 6,273,048 0.81 Annaly Capital Management sr unsecur CV 5% /2015 4,430,000 4,474,300 0.58

Total for Real Estate Investment Trusts (REITs) 4.30

Investment CompaniesBillion Express Investments co gtd CV 0.75% /2015 16,400,000 16,603,606 2.15 Aabar Investments sr unsecur RegS CV 4% /2016 (EUR) 6,400,000 8,800,300 1.14 Ares Capital sr unsecur CV 5.75% /2016 7,015,000 7,665,396 0.99

Total for Investment Companies 4.28

MiningNewmont Mining co gtd SerA CV 1.25% /2014 8,144,000 8,194,900 1.06 Goldcorp sr unsecur CV 2% /2014 6,170,000 6,240,029 0.81 Vedanta Resources Jersey co gtd CV 5.5% /2016 6,000,000 6,068,910 0.79 China Precious Metal Resources Holdings sr unsecur CV 7.25% /2018 (HKD) 40,000,000 4,486,883 0.58 Paladin Energy sr unsecur CV 6% /2017 5,000,000 4,339,325 0.56 Silver Standard Resources sr unsecur Ser144A priv plmt CV 2.875% /2033 5,000,000 3,568,500 0.46

Total for Mining 4.26

Health CareHengan International Group sr unsecur CV 0% /2018 (HKD) 55,000,000 7,164,873 0.93 Qiagen Euro Finance co gtd SerQGEN CV 3.25% /2026 4,000,000 4,869,960 0.63 Insulet sr unsecur CV 3.75% /2016 3,587,000 4,721,389 0.61

Convertible Bonds (continued)

Health Care (continued)






Investments



value% of net

assets

FoodOlam International sr unsecur CV 6% /2016 9,400,000 9,052,388 1.17 Nippon Meat Packers sr unsecur Ser5 CV 0% 03/03/2014 (JPY) 288,000,000 3,512,975 0.46

Total for Food 1.63

BanksBES Finance bnk gtd SerBBDC CV 3.5% /2015 7,100,000 7,297,983 0.94 Shizuoka Bank sr unsecur CV 0% /2018 4,000,000 4,529,620 0.59

Total for Banks 1.53

BiotechnologyIllumina sr unsecur Ser144A priv plmt CV 0.25% /2016 7,000,000 7,620,865 0.98 Medicines sr unsecur Ser144A priv plmt CV 1.375% /2017 3,176,000 4,073,220 0.53

Total for Biotechnology 1.51

AirlinesLufthansa Malta Blues co gtd SerJBLU CV 0.75% /2017 (EUR) 4,393,000 6,851,689 0.89 International Consolidated Airlines Group sr unsecur CV 1.75% /2018 (EUR) 3,000,000 4,114,039 0.53

Total for Airlines 1.42

IndustrialsCemex subord nts CV 4.875% /2015 8,851,000 10,139,750 1.31

Total for Industrials 1.31

RetailAeon sr unsecur Ser7 CV 0.3% 22/11/2013 (JPY) 350,000,000 5,062,327 0.65 361 Degrees International sr unsecur CV 4.5% /2017 4,100,000 3,620,956 0.47

Total for Retail 1.12

Household DurablesJarden co gtd Ser144A priv plmt CV 1.875% /2018 7,332,000 8,257,665 1.07

Total for Household Durables 1.07

Iron & SteelAllegheny Technologies sr unsecur CV 4.25% 01/06/2014 7,735,000 8,012,725 1.04

Total for Iron & Steel 1.04

TransportationDeutsche Post sr unsecur gtd SerDPW CV 0.6% /2019 (EUR) 5,300,000 7,898,891 1.02

Total for Transportation 1.02

ElectronicsTTM Technologies sr unsecur CV 3.25% /2015 7,723,000 7,755,012 1.00

Total for Electronics 1.00

Distribution/WholesaleGlencore Finance Europe co gtd CV 5% /2014 6,800,000 7,456,234 0.97

Total for Distribution/Wholesale 0.97

AgricultureGolden Agri-Resources sr unsecur CV 2.5% /2017 7,600,000 6,971,062 0.90

Total for Agriculture 0.90

EntertainmentInternational Game Technology sr unsecur CV 3.25% 01/05/2014 6,060,000 6,454,688 0.84

Total for Entertainment 0.84

Miscellaneous ManufacturersTrinity Industries subord nts CV 3.875% /2036 5,421,000 6,348,208 0.82

Total for Miscellaneous Manufacturers 0.82

Home FurnishingsSteinhoff Finance Holding co gtd SerSHF CV 5% /2016 (EUR) 4,450,000 6,087,386 0.79

Total for Home Furnishings 0.79

ApparelIconix Brand Group sr subord CV 2.5% /2016 5,299,000 6,014,365 0.78

Total for Apparel 0.78

GasENN Energy Holdings sr unsecur CV 0% /2018 5,500,000 5,975,420 0.77

Total for Gas 0.77

Metal Fabricate/HardwareTMK Bonds co gtd CV 5.25% /2015 5,600,000 5,599,860 0.73

Total for Metal Fabricate/Hardware 0.73

ChemicalsSGL Carbon sr unsecur CV 2.75% /2018 (EUR) 3,600,000 4,661,284 0.60


Oil & Gas ServicesCompagnie Générale de Géophysique-Veritas sr unsecur CV 1.25% /2019 (EUR) 11,031,200 4,464,347 0.58

Total for Oil & Gas Services 0.58

Home BuildersMeritage Homes co gtd CV 1.875% /2032 3,633,000 4,012,158 0.52

Total for Home Builders 0.52

Investments



value% of net

assets Convertible Bonds (continued)






Investments



value% of net

assets Convertible Bonds (continued)

Auto Parts & EquipmentFaurecia sr unsecur SerEO CV 3.25% /2018 (EUR) 13,236,800 3,913,051 0.52

Total for Auto Parts & Equipment 0.52

MediaLiberty Interactive sr unsecur Ser144A priv plmt CV 0.75% /2043 2,500,000 2,703,125 0.36


Total for Convertible Bonds 92.17

Equities

Oil & GasApache Pfd Stock SerD CV 6% 01/08/2013 128,600 6,130,362 0.79 NextEra Energy Pfd Stock CV 7% 01/09/2013 103,000 6,102,750 0.79

Total for Oil & Gas 1.58

InsuranceMetLife Pfd Stock CV 5% 26/03/2014 137,100 7,519,935 0.97


BanksWells Fargo & Co. Pfd Stock SerL CV 7.5% perpetual 5,937 6,987,849 0.91

Total for Banks 0.91

Auto ManufacturersGeneral Motors Pfd Stock SerB CV 4.75% 01/12/2013 142,500 6,805,800 0.88

Total for Auto Manufacturers 0.88

ElectricPPL Pfd Stock CV 8.75% 01/05/2014 121,100 6,484,905 0.84

Total for Electric 0.84

Iron & SteelArcelorMittal Pfd Stock CV 6% /2016 334,039 6,261,561 0.82

Total for Iron & Steel 0.82


Mutual Fund




DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

02/07/2013 1,200,000 SGD 943,980 USD HSBC 1,825 0.00 02/07/2013 14,172,624 USD 17,955,000 SGD HSBC 21,012 0.00 05/07/2013 22,170,000 EUR 28,711,016 USD State Street 176,951 0.02 05/07/2013 4,350,000 EUR 5,633,685 USD RBC 34,455 0.00 05/07/2013 14,800,000 EUR 19,177,248 USD Commonwealth Bank 107,458 0.01 10/07/2013 8,544,328 USD 8,010,000 CHF Deutsche Bank 61,866 0.01 26/07/2013 34,798,706 USD 3,395,000,000 JPY J.P. Morgan 529,182 0.08


05/07/2013 200,000 EUR 260,665 USD J.P. Morgan (61) 0.00 05/07/2013 5,400,000 EUR 7,142,078 USD HSBC (105,766) (0.01)05/07/2013 2,020,000 EUR 2,668,825 USD State Street (36,723) 0.00 05/07/2013 5,470,000 EUR 7,264,428 USD Commonwealth Bank (136,905) (0.02)05/07/2013 9,300,000 EUR 12,373,024 USD Westpac Bank (254,932) (0.03)05/07/2013 7,833,776 USD 6,045,000 EUR J.P. Morgan (42,984) (0.01)05/07/2013 172,740,618 USD 133,305,000 EUR Westpac Bank (958,553) (0.12)05/07/2013 1,102,328 USD 850,000 EUR Deutsche Bank (5,239) 0.00 08/07/2013 650,000 HKD 83,789 USD J.P. Morgan (3) 0.00 08/07/2013 10,000,000 HKD 1,289,302 USD Westpac Bank (299) 0.00 08/07/2013 6,850,000 HKD 882,972 USD State Street (5) 0.00 08/07/2013 30,544,581 USD 237,040,000 HKD HSBC (9,944) 0.00 10/07/2013 150,000 CHF 159,512 USD J.P. Morgan (664) 0.00 10/07/2013 800,000 CHF 862,581 USD UBS (15,394) 0.00 12/07/2013 8,410,000 SGD 6,670,998 USD J.P. Morgan (42,380) (0.01)19/07/2013 1,225,000 GBP 1,918,442 USD Deutsche Bank (54,951) (0.01)26/07/2013 340,000,000 JPY 3,487,000 USD State Street (55,000) (0.01)26/07/2013 460,000,000 JPY 4,714,994 USD J.P. Morgan (71,701) (0.01)


EUR Hedged Share Class05/07/2013 393,815,482 EUR 515,514,825 USD J.P. Morgan (2,365,109) (0.31)

CHF Hedged Share Class05/07/2013 313,507 CHF 334,149 USD J.P. Morgan (2,163) 0.00

Unrealised Loss on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts (2,367,272) (0.31)






(2) The country in brackets represents the country of incorporation of this security.(4) Managed by an affiliate of the Investment Adviser.(5) Variable coupon rates are those quoted as of 30 June 2013.



Corporate Bonds

United States of AmericaGoldman Sachs Group sr unsecur 2.375% /2018 975,000 956,758 1.36Bank of America sr unsecur 5.625% /2020 775,000 854,558 1.22American Airlines 2013-1 Class A Pass Through Trust Ser144A priv plmt 4% /2025 775,000 732,375 1.04Ford Motor Credit sr unsecur 5.875% /2021 625,000 682,081 0.97Enterprise Products Operating co gtd 5.25% /2020 500,000 556,807 0.79AT&T sr unsecur 6.3% /2038 500,000 554,005 0.79Wells Fargo & Co sr unsecur SerEMTN 2.625% /2022 (EUR) 400,000 523,506 0.74American International Group sr unsecur 6.4% /2020 450,000 520,531 0.74General Electric Capital sr unsecur SerGMTN 3.1% /2023 535,000 502,959 0.71JPMorgan Chase & Co subord nts 3.375% /2023 500,000 465,042 0.66Boston Scientific sr unsecur 6% /2020 400,000 453,012 0.64NBCUniversal Media co gtd 5.95% /2041 400,000 451,432 0.64Life Technologies sr unsecur 6% /2020 400,000 449,664 0.64American Financial Group sr unsecur 9.875% /2019 300,000 388,495 0.55Omnicom Group co gtd 3.625% /2022 400,000 386,836 0.55Citigroup subord 4.05% /2022 400,000 382,224 0.55General Electric Capital sr unsecur SerGMTN 3.15% /2022 400,000 377,816 0.54Intel sr unsecur 2.7% /2022 400,000 373,776 0.53Actavis sr unsecur 3.25% /2022 400,000 371,758 0.53Kinder Morgan Energy Partners sr unsecur 6.85% /2020 300,000 357,583 0.51Kraft Foods Group sr unsecur 5.375% /2020 300,000 338,176 0.48Priceline.com sr unsecur CV 1% /2018 291,000 338,106 0.48CNA Financial sr unsecur 5.75% /2021 300,000 337,207 0.48Genworth Holdings co gtd 7.2% /2021 300,000 336,523 0.48Mondelez International sr unsecur 5.375% /2020 300,000 335,719 0.48Citigroup sr unsecur 8.5% /2019 265,000 333,056 0.48Lam Research sr unsecur CV 1.25% /2018 302,000 332,830 0.47Gap sr unsecur 5.95% /2021 300,000 331,110 0.47General Electric Capital sr unsecur SerMTN 5.875% /2038 305,000 329,530 0.47Intel jr subord CV 2.95% /2035 295,000 318,781 0.45International Game Technology sr unsecur CV 3.25% 01/05/2014 296,000 315,278 0.45L-3 Communications co gtd 4.75% /2020 300,000 314,611 0.45Sonoco Products sr unsecur 4.375% /2021 300,000 307,567 0.44Goldman Sachs Group subord 6.75% /2037 300,000 304,684 0.44Pioneer Natural Resources sr unsecur 3.95% /2022 300,000 296,007 0.42Weatherford International co gtd 4.5% /2022 (Bermuda) (2) 300,000 295,564 0.42Buckeye Partners sr unsecur 4.15% /2023 300,000 292,397 0.41Agilent Technologies sr unsecur 3.875% /2023 300,000 287,977 0.41Mallinckrodt International Finance co gtd Ser144A priv plmt 4.75% /2023 (Luxembourg) (2) 300,000 286,259 0.41Allegheny Technologies sr unsecur CV 4.25% 01/06/2014 274,000 283,838 0.40Merck & Co sr unsecur 2.8% /2023 300,000 283,638 0.40DCP Midstream Operating co gtd 3.875% /2023 300,000 282,071 0.40Eaton co gtd Ser144A priv plmt 2.75% /2022 300,000 280,749 0.40QVC sr secured Ser144A priv plmt 4.375% /2023 300,000 280,299 0.40Philip Morris International sr unsecur 4.5% /2042 300,000 277,365 0.40American Tower sr unsecur 3.5% /2023 300,000 274,509 0.39National Retail Properties sr unsecur 3.3% /2023 300,000 271,832 0.39Prudential Financial jr subord 5.625% /2043 (5) 270,000 266,166 0.38

Global Credit Fund

INVESTMENT AIM

To provide an attractive rate of return, measured in US dollars, primarily through investment in fixed income securities of high quality issued by corporations and non-government related issuers organised or operating in both developed and emerging markets and denominated in global currencies.



Investments



value% of net

assets


Global Credit Fund

Verizon Communications sr unsecur 8.75% /2018 200,000 260,697 0.37Direct TV Financing co gtd 3.8% /2022 270,000 259,790 0.37Time Warner Cable co gtd 4.5% /2042 300,000 238,362 0.34CC Holdings GS V sr secured 3.849% /2023 250,000 233,330 0.33JPMorgan Chase & Co sr unsecur 6.4% /2038 200,000 231,230 0.33Waste Management co gtd 6.125% /2039 200,000 228,714 0.33Hartford Financial Services Group sr unsecur 5.5% /2020 200,000 222,376 0.32Bank of America sr unsecur 5.7% /2022 200,000 221,638 0.32HSBC Finance subord 6.676% /2021 200,000 220,838 0.31AES sr unsecur 7.375% /2021 200,000 219,675 0.31Exelon Generation sr unsecur 6.25% /2039 200,000 216,904 0.31Wal-Mart Stores sr unsecur 5.25% /2035 200,000 215,415 0.31 Williams Partners sr unsecur 5.25% /2020 200,000 215,159 0.31Marquette Transportation Finance secured 10.875% /2017 200,000 214,000 0.30Caterpillar sr unsecur 3.9% /2021 200,000 208,498 0.30Home Depot sr unsecur 5.95% /2041 175,000 207,866 0.30RR Donnelley & Sons sr unsecur 7.875% /2021 200,000 206,667 0.29Phillips 66 co gtd 4.3% /2022 200,000 205,710 0.29CIT Group sr unsecur 5% /2017 200,000 205,546 0.29MetroPCS Wireless co gtd Ser144A priv plmt 6.25% /2021 200,000 204,250 0.29ARAMARK co gtd Ser144A priv plmt 5.75% /2020 200,000 203,500 0.29Hewlett-Packard sr unsecur 2.6% /2017 200,000 199,521 0.28Amgen sr unsecur 5.15% /2041 200,000 199,041 0.28Schlumberger Norge co gtd Ser144A priv plmt 1.25% /2017 (Norway) (2) 200,000 194,006 0.28Alexandria Real Estate Equities co gtd 3.9% /2023 200,000 191,904 0.28FMC Technologies sr unsecur 3.45% /2022 200,000 191,912 0.27Boston Gas sr unsecur Ser144A priv plmt 4.487% /2042 200,000 191,468 0.27Wells Fargo & Co subord SerM 3.45% /2023 200,000 190,513 0.27Freeport-McMoRan Copper & Gold sr unsecur Ser144A priv plmt 2.375% /2018 200,000 190,076 0.27Healthcare Trust of America Holdings co gtd Ser144A priv plmt 3.7% /2023 200,000 188,852 0.27ING US co gtd Ser144A priv plmt 5.65% /2053 (5) 200,000 188,500 0.27AbbVie sr unsecur Ser144A priv plmt 2.9% /2022 200,000 186,569 0.27Glencore Funding co gtd Ser144A priv plmt 2.5% /2019 205,000 185,457 0.26Apple sr unsecur 2.4% /2023 200,000 184,699 0.26Realty Income sr unsecur 3.25% /2022 200,000 184,622 0.26UnitedHealth Group sr unsecur 4.25% /2043 200,000 181,999 0.26Freeport-McMoRan Copper & Gold sr unsecur Ser144A priv plmt 3.875% /2023 200,000 181,908 0.26MasTec co gtd 4.875% /2023 170,000 159,375 0.23Altria Group co gtd 10.2% /2039 100,000 150,660 0.21Newmont Mining co gtd SerA CV 1.25% /2014 130,000 130,812 0.19 JPMorgan Chase & Co sr unsecur SerEMTN 2.875% /2028 (EUR) 100,000 124,059 0.18ConAgra Foods sr unsecur 3.2% /2023 130,000 123,720 0.18Lincoln National sr unsecur 7% /2040 100,000 123,365 0.18Citigroup sr unsecur 6.875% /2038 100,000 118,816 0.17Plains All American Finance sr unsecur 6.7% /2036 100,000 116,059 0.17Capital One Financial subord 6.15% /2016 100,000 111,646 0.16News America co gtd 6.15% /2041 100,000 109,658 0.16Boston Properties unsecur 3.8% /2024 110,000 107,521 0.15SLM sr nts SerMTN 6.25% /2016 100,000 106,269 0.15Tesoro co gtd 5.375% /2022 100,000 100,409 0.14AT&T sr unsecur 5.35% /2040 100,000 100,035 0.14US Airways 2013-1 Class A Pass Through Certificates 3.95% /2025 100,000 96,251 0.13

American Campus Communities Operating Partnership co gtd 3.75% /2023 100,000 95,897 0.13Discovery Communications co gtd 3.25% /2023 100,000 93,776 0.13Host Hotels & Resorts sr unsecur SerD 3.75% /2023 100,000 91,917 0.13ConAgra Foods sr unsecur 4.65% /2043 100,000 91,867 0.13ACMP Finance co gtd 4.875% /2023 65,000 60,432 0.09PPL WEM Holdings sr unsecur Ser144A priv plmt 3.9% /2016 (United Kingdom) (2) 50,000 52,285 0.07Bemis sr unsecur 4.5% /2021 50,000 51,369 0.07NetApp sr unsecur 2% /2017 50,000 48,821 0.07Piedmont Operating Partnership co gtd Ser144A priv plmt 3.4% /2023 50,000 46,756 0.07CC Holdings GS V sr secured Ser144A priv plmt 3.849% /2023 50,000 46,573 0.07Exide Technologies sr secured 8.625% /2018 50,000 31,250 0.04Boston Properties sr unsecur Ser144A priv plmt CV 3.625% 15/02/2014 29,000 30,033 0.04Salesforce.com sr unsecur Ser144A priv plmt CV 0.25% /2018 30,000 28,631 0.04


United KingdomHSBC Holdings subord SerEMTN 6% /2019 (EUR) 450,000 677,274 0.96Intu SGS Finance sr secured SerEMTN 3.875% /2023 (GBP) 400,000 600,926 0.85NGG Finance co gtd SerGBP 5.625% /2073 (5) (GBP) 400,000 600,763 0.85Barclays Bank subord SerEMTN 6% /2021 (EUR) 400,000 564,670 0.80Vodafone Group sr unsecur 5.45% /2019 500,000 563,553 0.80Barclays Bank sr unsecur 5.125% /2020 500,000 551,520 0.79Standard Chartered Bank subord SerEMTN 5.875% /2017 (EUR) 350,000 514,320 0.73G4S International Finance co gtd SerEMTN 2.625% /2018 (EUR) 400,000 512,135 0.73Lloyds TSB Bank subord SerEMTN 6.5% /2020 (EUR) 350,000 499,981 0.71BP Capital Markets co gtd 3.245% /2022 400,000 387,592 0.55Royal Bank of Scotland Group subord nts 6.125% /2022 405,000 385,708 0.55Rolls-Royce nts SerEMTN 2.125% /2021 (EUR) 275,000 356,651 0.51InterContinental Hotels Group co gtd SerEMTN 3.875% /2022 (GBP) 225,000 338,060 0.48BAT International Finance co gtd SerEMTN 5.375% /2017 (EUR) 200,000 301,415 0.43Royal Bank of Scotland sr unsecur SerEMTN 5.5% /2020 (EUR) 200,000 296,387 0.42Royal Bank of Scotland sr unsecur SerEMTN 5.375% /2019 (EUR) 200,000 293,410 0.42Heathrow Funding sr secured RegS 4.6% /2018 (Jersey) (2) (EUR) 200,000 292,152 0.42Smiths Group co gtd 4.125% /2017 (EUR) 200,000 281,868 0.40British Airways sr secured Ser144A priv plmt 4.625% /2024 275,000 275,000 0.39WPP Finance 2010 co gtd 3.625% /2022 200,000 188,242 0.27HSBC Bank sr unsecur SerEMTN 3.75% /2016 (EUR) 50,000 70,779 0.10Nationwide Building Society sr unsecur SerEMTN 3.75% /2015 (EUR) 50,000 67,731 0.10


FranceBNP Paribas bnk gtd SerBKNT 5% /2021 775,000 820,493 1.17Société Générale sr unsecur Ser144A priv plmt 5.2% /2021 775,000 817,288 1.16Thales sr unsecur SerEMTN 1.625% /2018 (EUR) 400,000 518,480 0.74Global Credit Fund BNP Paribas subord SerEMTN 5.431% /2017 (EUR) 300,000 436,055 0.62Crédit Agricole sr unsecur Ser144A priv plmt 2.125% /2018 400,000 388,180 0.55Orange sr unsecur SerEMTN 5% /2016 (GBP) 200,000 328,699 0.47AXA subord SerEMTN 5.125% /2043 (5) (EUR) 250,000 323,688 0.46

Investments



value% of net

assets



Investments



value% of net

assets






Global Credit Fund

Crédit Agricole subord SerEMTN 3.9% /2021 (EUR) 250,000 321,499 0.46LVMH Moet Hennessy Louis Vuitton sr unsecur Ser144A priv plmt 1.625% /2017 300,000 294,663 0.42Lafarge sr unsecur SerEMTN 6.75% /2019 (EUR) 200,000 289,538 0.41Schneider Electric sr unsecur Ser144A priv plmt 2.95% /2022 300,000 285,775 0.41Eutelsat sr unsecur 4.125% /2017 (EUR) 200,000 283,611 0.40Edenred sr unsecur 3.625% /2017 (EUR) 200,000 278,237 0.40Crown European Holdings co gtd RegS 7.125% /2018 (EUR) 200,000 277,959 0.39Banque Federative du Credit Mutuel sr unsecur SerEMTN 4.375% /2016 (EUR) 50,000 70,927 0.10


ItalyIntesa Sanpaolo sr unsecur Ser144A priv plmt 6.5% /2021 600,000 606,084 0.86UniCredit sr unsecur SerEMTN 4.875% /2017 (EUR) 400,000 548,635 0.78Enel Finance International co gtd Ser144A priv plmt 5.125% /2019 (Netherlands) (2) 400,000 414,558 0.59Wind Acquisition Finance sr secured RegS 7.375% /2018 (Luxembourg) (2) (EUR) 275,000 361,993 0.51Banca Monte dei Paschi di Siena sr unsecur SerEMTN 4.5% 07/03/2014 (EUR) 275,000 359,293 0.51Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (2) (EUR) 200,000 290,501 0.41Gtech Spa co gtd 5.375% /2018 (EUR) 200,000 288,003 0.41Enel Finance International co gtd SerEMTN 5% /2022 (Netherlands) (2) (EUR) 200,000 276,129 0.39Intesa Sanpaolo sr unsecur SerEMTN 3.75% /2016 (EUR) 200,000 265,535 0.39


SpainAmadeus Capital Markets co gtd SerEMTN 4.875% /2016 (EUR) 400,000 569,988 0.81Telefonica Emisiones co gtd SerEMTN 4.967% /2016 (EUR) 400,000 557,609 0.79Ferrovial Emisiones co gtd RegS 3.375% /2018 (EUR) 400,000 530,800 0.76CaixaBank sr unsecur SerEMTN 3.25% /2016 (EUR) 400,000 524,162 0.75BBVA Senior Finance co gtd SerGMTN 3.25% /2016 (EUR) 400,000 523,442 0.74Banco Bilbao Vizcaya Argentaria covered SerEMTN 4.25% /2017 (EUR) 200,000 275,717 0.39Telefonica Emisiones co gtd SerEMTN 4.693% /2019 (EUR) 200,000 275,069 0.39


AustraliaCommonwealth Bank of Australia sr unsecur Ser144A priv plmt 5% /2020 675,000 751,839 1.07Macquarie Group sr unsecur Ser144A priv plmt 6% /2020 500,000 522,045 0.74National Australia Bank subord SerEMTN 6.75% /2023 (5) (EUR) 325,000 495,669 0.70Telstra sr unsecur SerEMTN 2.5% /2023 (EUR) 275,000 348,529 0.50

Wesfarmers sr unsecur Ser144A priv plmt 1.874% /2018 305,000 299,907 0.42Australia & New Zealand Banking Group subord SerEMTN 5.125% /2019 (EUR) 200,000 292,765 0.42


NetherlandsABN Amro Bank subord SerEMTN 6.375% /2021 (EUR) 400,000 574,923 0.82Cooperatieve Centrale Raiffeisen-Boerenleenbank bnk gtd 3.875% /2022 365,000 365,219 0.52Koninklijke Philips sr unsecur 5.75% /2018 300,000 347,048 0.50Cooperatieve Centrale Raiffeisen-Boerenleenbank subord SerGMTN 3.75% /2020 (EUR) 250,000 332,603 0.47Koninklijke KPN sr unsecur SerGMTN 5.625% /2024 (EUR) 200,000 296,704 0.42ING Groep sr unsecur SerEMTN 4.75% /2017 (EUR) 200,000 289,741 0.41Aegon sr unsecur 4.625% /2015 50,000 53,880 0.08


ChinaWant Want China Finance co gtd Ser144A priv plmt 1.875% /2018 (Cayman Islands) (2) 775,000 728,023 1.04Amber Circle Funding co gtd RegS 3.25% /2022 (Cayman Islands) (2) 775,000 699,372 0.99CNOOC Finance 2012 co gtd Ser144A priv plmt 3.875% /2022 (British Virgin Islands) (2) 200,000 194,617 0.28


CanadaGoldcorp sr unsecur 3.7% /2023 480,000 482.182 0.59TransAlta sr unsecur 4.5% /2022 400,000 384,994 0.55Canadian Oil Sands sr unsecur Ser144A priv plmt 7.75% /2019 300,000 362,981 0.52MDC Partners co gtd Ser144A priv plmt 6.75% /2020 200,000 198,500 0.28Eldorado Gold sr unsecur Ser144A priv plmt 6.125% /2020 135,000 130,950 0.19Agrium sr unsecur 3.5% /2023 70,000 66,816 0.10Kinross Gold co gtd 5.125% /2021 50,000 48,405 0.07


GermanyDeutsche Bank subord nts 4.296% /2028 (5) 400,000 371,436 0.52Allianz Finance II co gtd SerEMTN 4.75% /2019 (Netherlands) (2) (EUR) 200,000 302,378 0.43Linde Finance co gtd 7.375% /2066 (Netherlands) (2) (5) (EUR) 200,000 298,591 0.43Daimler Finance North America co gtd 8.5% /2031 (United States of America) (2) 200,000 283,312 0.40Deutsche Telekom International Finance co gtd 8.75% /2030 (Netherlands) (2) 100,000 138,615 0.20Bilfinger sr unsecur 2.375% /2019 (EUR) 35,000 45,826 0.07


MexicoSigma Alimentos co gtd Ser144A priv plmt 5.625% /2018 600,000 646,752 0.92BBVA Bancomer subord Ser144A priv plmt 6.5% /2021 600,000 634,287 0.90




Investments



value% of net

assets

Investments



value% of net




France (continued)


Global Credit Fund

SwitzerlandAquarius and Investments for Zurich Insurance secured SerEMTN 4.25% /2043 (Ireland) (2) (5) (EUR) 400,000 512,315 0.73Roche Holdings co gtd Ser144A priv plmt 6% /2019 (United States of America) (2) 200,000 239,095 0.34ABB Finance USA co gtd 2.875% /2022 (United States of America) (2) 225,000 215,844 0.31Credit Suisse sr unsecur SerEMTN 4.75% /2019 (EUR) 75,000 112,423 0.16Credit Suisse subord 5.4% /2020 100,000 108,202 0.15


IrelandBord Gais Eireann sr unsecur SerEMTN 3.625% /2017 (EUR) 400,000 544,353 0.78Ardagh Glass Finance co gtd RegS 8.75% /2020 (EUR) 200,000 269,109 0.38CRH America co gtd 6% /2016 (United States of America) (2) 200,000 224,733 0.32


LuxembourgArcelorMittal sr unsecur 10.35% /2019 300,000 356,186 0.51Geo Debt Finance sr secured RegS 7.5% /2018 (EUR) 250,000 326,813 0.46


AustriaAtrium European Real Estate sr unsecur 4% /2020 (Jersey) (2) (EUR) 400,000 518,968 0.74


BelgiumAnheuser-Busch InBev Worldwide co gtd 5.375% /2020 (United States of America) (2) 400,000 460,624 0.66


RussiaLukoil International Finance co gtd CV 2.625% /2015 (Netherlands) (2) 400,000 430,636 0.61


BrazilVale Overseas co gtd 5.625% /2019 (Cayman Islands) (2) 200,000 215,019 0.31Banco Bradesco sr unsecur Ser144A priv plmt 4.125% /2016 200,000 206,475 0.29


PortugalEDP Finance sr unsecur Ser144A priv plmt 6% /2018 (Netherlands) (2) 400,000 413,336 0.59


PeruBanco de Credito del Peru sr subord Ser144A priv plmt 6.125% /2027 (5) 400,000 407,628 0.58

Total for Peru 0.58

IsraelTeva Pharmaceutical Finance IV co gtd 3.65% /2021 (Curacao) (2) 200,000 200,878 0.28Teva Pharmaceutical Finance co gtd 2.95% /2022 (Curacao) (2) 200,000 187,059 0.27


United Arab EmiratesADCB Finance Cayman co gtd SerGMTN 2.5% /2018 (Cayman Islands) (2) 400,000 386,310 0.55


IndiaVedanta Resources sr nts Ser144A priv plmt 6% /2019 (United Kingdom) (2) 400,000 382,822 0.54


Hong KongChampion MTN co gtd SerEMTN 3.75% /2023 (Cayman Islands) (2) 400,000 349,347 0.50


BermudaIngersoll-Rand Global Holding co gtd Ser144A priv plmt 4.25% /2023 200,000 196,405 0.28

Total for Bermuda 0.28

ThailandThai Oil sr unsecur Ser144A priv plmt 3.625% /2023 200,000 183,585 0.26


SwedenTelefonaktiebolaget LM Ericsson sr unsecur 4.125% /2022 50,000 48,929 0.07






Investments



value% of net

assets

Investments



value% of net

assets






Notional amount




assets

Buy Alcoa 5.72% 23/02/2019 USD 100,000 20/09/2018 Barclays Capital 10,447 0.01

Buy Kohl’s 6.25% 15/12/2017 USD 100,000 20/06/2018 Barclays Capital 1,657 0.01

Sell CDX.NA.IG.20-V 01/06/2018 USD 40,000 20/06/2018 J.P. Morgan 275 0.00

Sell CDX.NA.IG.20-V 01/06/2018 USD 200,000 20/06/2018 Barclays Capital 1,375 0.00


Sell iTraxx Europe Senior Financials Series 19 01/06/2018 EUR 600,000 20/06/2018 Barclays Capital (22,772) (0.03)








assets





Net Unrealised Gain on Interest Rate Swap Contracts 206,089 0.29




(2) The country in brackets represents the country of incorporation of this security.(5) Variable coupon rates are those quoted as of 30 June 2013.

DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro BOBL Future 09/2013 (5) (814,055) Goldman Sachs 9,186 0.01Euro Bund Future 09/2013 (1) (183,776) Goldman Sachs 2,098 0.00Euro OAT Future 09/2013 (4) (688,146) Goldman Sachs 16,574 0.03Euro SCHATZ Future 09/2013 (3) (431,186) Goldman Sachs 1,095 0.00US 5yr T-note Future 09/2013 (1) (120,734) Goldman Sachs 2,437 0.00US 10yr T-note Future 09/2013 (29) (3,656,719) Goldman Sachs 82,172 0.12


Long Gilt Future 09/2013 5 847,952 Goldman Sachs (41,002) (0.06)US Treasury Ultra Bond Future 09/2013 8 1,163,500 Goldman Sachs (74,187) (0.10)


Net Unrealised Loss on Futures Contracts (3,883,164)1 (1,627) 0.00



Maturity date

Amount bought Ccy



USD% of net

assets

02/07/2013 1,652,439 USD 1,735,000 CAD RBC 2,855 0.00 02/07/2013 397,056 USD 5,100,000 MXN State Street 7,460 0.01 05/07/2013 14,777,269 USD 11,085,000 EUR J.P. Morgan 333,284 0.48 08/07/2013 91,656 USD 95,000 AUD Westpac Bank 4,675 0.01 10/07/2013 225,840 USD 210,000 CHF Deutsche Bank 3,454 0.00 19/07/2013 117,157 EUR 100,000 GBP RBC 545 0.00 19/07/2013 1,423,682 USD 910,000 GBP RBC 39,375 0.06


02/07/2013 485,000 CAD 468,768 USD RBC (7,645) (0.01)02/07/2013 1,250,000 CAD 1,228,073 USD Commonwealth Bank (39,611) (0.06)02/07/2013 5,100,000 MXN 403,076 USD State Street (13,480) (0.02)05/07/2013 9,200,000 EUR 12,243,424 USD Commonwealth Bank (255,635) (0.36)05/07/2013 722,081 USD 560,000 EUR Westpac Bank (7,611) (0.01)11/07/2013 600,000 BRL 278,979 USD J.P. Morgan (9,910) (0.01)11/07/2013 1,100,000 BRL 513,251 USD Commonwealth Bank (19,959) (0.03)16/07/2013 1,885,000 NOK 325,951 USD Deutsche Bank (15,924) (0.02)16/07/2013 4,600,000 NOK 800,282 USD Commonwealth Bank (43,719) (0.06)19/07/2013 575,000 GBP 900,129 USD RBC (25,429) (0.04)19/07/2013 2,100,000 GBP 3,285,204 USD Commonwealth Bank (90,648) (0.13)26/07/2013 188,350,000 JPY 1,982,736 USD State Street (81,509) (0.12)02/08/2013 1,735,000 CAD 1,651,073 USD RBC (2,753) 0.00



Global Credit Fund



Global Fixed Income Opportunities Fund

INVESTMENT AIM

To provide an attractive level of total return, measured in US dollars, through investment primarily in the global securities of corporate, government and government related issuers across a spectrum of fixed income asset classes including high yield bonds, investment-grade bonds, mortgage-backed securities, convertibles and currencies.

Corporate Bonds

United States of AmericaGE Capital Trust II RegS 5.5% /2067 (5) (EUR) 675,000 886,070 0.43HSBC Finance subord 6.676% /2021 800,000 883,352 0.42Prudential Financial jr subord 5.625% /2043 (5) 890,000 877,362 0.42Goldman Sachs Group subord 6.75% /2037 825,000 837,882 0.40ING US co gtd Ser144A priv plmt 5.65% /2053 (5) 775,000 730,438 0.35Alion Science & Technology sr secured PIK 12% /2014 504,000 514,080 0.25GXS Worldwide sr secured 9.75% /2015 500,000 509,375 0.24Genworth Holdings co gtd 7.2% /2021 450,000 504,785 0.24Hewlett-Packard sr unsecur 4.65% /2021 500,000 500,570 0.24Drill Rigs Holdings sr secured Ser144A priv plmt 6.5% /2017 (Marshall Islands) (2) 500,000 497,500 0.24Jefferies LoanCore/JLC Finance sr unsecur Ser144A priv plmt 6.875% /2020 500,000 487,500 0.23inVentiv Health sr secured Ser144A priv plmt 9% /2018 465,000 487,088 0.23HCA sr secured 4.75% /2023 500,000 479,773 0.23Navios Maritime Finance II co gtd 8.125% /2019 (Marshall Islands) (2) 500,000 475,000 0.23GETCO Financing Escrow sr secured Ser144A priv plmt 8.25% /2018 500,000 475,000 0.23Merrill Lynch & Co subord 6.11% /2037 475,000 466,243 0.22Logan’s Roadhouse secured 10.75% /2017 500,000 465,268 0.22DynCorp International co gtd 10.375% /2017 450,000 453,913 0.22Chrysler Group/CG Co-Issuer secured 8% /2019 400,000 437,960 0.21Nationwide Financial Services sr unsecur Ser144A priv plmt 5.375% /2021 400,000 436,755 0.21Marquette Transportation Finance secured 10.875% /2017 400,000 428,000 0.21Pretium Packaging Finance secured 11.5% /2016 400,000 426,000 0.20American Standard Americas sr secured Ser144A priv plmt 10.75% /2016 400,000 410,000 0.20Harland Clarke Holdings co gtd 9.5% /2015 408,000 407,157 0.20Envision Healthcare Holdings sr nts Ser144A priv plmt PIK 9.25% /2017 400,000 407,000 0.20Kindred Healthcare co gtd 8.25% /2019 400,000 406,000 0.19Associated Asphalt Finance sr secured Ser144A priv plmt 8.5% /2018 400,000 406,000 0.19Iracore International Holdings sr secured Ser144A priv plmt 9.5% /2018 400,000 404,000 0.19Consolidated Container Capital co gtd Ser144A priv plmt 10.125% /2020 380,000 399,950 0.19American Achievement secured Ser144A priv plmt 10.875% /2016 400,000 398,000 0.19Sequa co gtd Ser144A priv plmt 7% /2017 400,000 398,000 0.19Rite Aid co gtd Ser144A priv plmt 6.75% /2021 400,000 395,000 0.19Snoqualmie Entertainment Authority sr secured Ser144A priv plmt 9.125% /2015 400,000 394,750 0.19Cenveo secured 8.875% /2018 400,000 391,276 0.19Permian Holdings sr secured Ser144A priv plmt 10.5% /2018 400,000 390,000 0.19Jefferies Finance sr unsecur Ser144A priv plmt 7.375% /2020 400,000 390,000 0.19Knowledge Universe Education co gtd Ser144A priv plmt 7.75% /2015 400,000 388,000 0.19Viasystems sr secured Ser144A priv plmt 7.875% /2019 350,000 371,000 0.18Martin Midstream Finance co gtd 8.875% /2018 350,000 370,125 0.18Armored Autogroup co gtd 9.25% /2018 400,000 369,000 0.18VWR Funding co gtd 7.25% /2017 345,000 360,094 0.17ServiceMaster co gtd 8% /2020 350,000 352,625 0.17



Investments



value% of net

assets



CCM Merger co gtd Ser144A priv plmt 9.125% /2019 300,000 318,750 0.15Atkore International sr secured 9.875% /2018 300,000 318,750 0.15American Gilsonite sr secured Ser144A priv plmt 11.5% /2017 300,000 318,000 0.15Kratos Defense & Security Solutions sr secured 10% /2017 300,000 318,000 0.15Kenan Advantage Group sr unsecur Ser144A priv plmt 8.375% /2018 300,000 313,500 0.15RSI Home Products secured Ser144A priv plmt 6.875% /2018 300,000 307,500 0.15HD Supply sr unsecur Ser144A priv plmt 7.5% /2020 300,000 306,750 0.15Rivers Pittsburgh Borrower Finance sr secured Ser144A priv plmt 9.5% /2019 285,000 306,375 0.15Cequel Communications Holdings sr unsecur Ser144A priv plmt 6.375% /2020 300,000 304,500 0.15Continental Airlines 2012-3 Class C Pass Through Certificates 6.125% /2018 300,000 303,000 0.15Provident Funding Associates co gtd Ser144A priv plmt 6.75% /2021 300,000 300,750 0.14SLM sr unsecur SerMTN 8% /2020 275,000 297,784 0.14Nuveen Investments sr unsecur Ser144A priv plmt 9.125% /2017 275,000 277,063 0.13Visant co gtd 10% /2017 300,000 276,000 0.13Graton Economic Development Authority sr secured Ser144A priv plmt 9.625% /2019 250,000 275,625 0.13Burlington Coat Factory Warehouse co gtd 10% /2019 250,000 273,750 0.13First Data co gtd Ser144A priv plmt 11.75% /2021 300,000 273,000 0.13Diamond Resorts sr secured 12% /2018 250,000 271,250 0.13Priceline.com sr unsecur CV 1% /2018 233,000 270,717 0.13TTM Technologies sr unsecur CV 3.25% /2015 269,000 270,115 0.13Kennedy-Wilson co gtd 8.75% /2019 250,000 270,000 0.13Supervalu sr unsecur 8% /2016 250,000 267,284 0.13Bumble Bee Holdco sr nts Ser144A priv plmt PIK 9.625% /2018 (Luxembourg) (2) 250,000 261,250 0.13Nuverra Environmental Solutions co gtd 9.875% /2018 250,000 261,250 0.13Nuverra Environmental Solutions co gtd Ser144A priv plmt 9.875% /2018 250,000 259,375 0.12Iconix Brand Group sr subord CV 2.5% /2016 228,000 258,780 0.12Zachry Holdings sr nts Ser144A priv plmt 7.5% /2020 250,000 258,750 0.12Monitronics International co gtd 9.125% /2020 250,000 256,250 0.12Freescale Semiconductor co gtd 8.05% /2020 250,000 254,375 0.12Northern Tier Finance sr secured Ser144A priv plmt 7.125% /2020 250,000 253,750 0.12Northern Oil and Gas co gtd 8% /2020 250,000 253,750 0.12First Data co gtd Ser144A priv plmt 11.25% /2021 250,000 251,250 0.12Jarden co gtd Ser144A priv plmt CV 1.875% /2018 223,000 251,154 0.12Ahern Rentals secured Ser144A priv plmt 9.5% /2018 250,000 249,062 0.12INTCOMEX secured 13.25% /2014 243,000 244,215 0.12Empire Today Finance sr secured Ser144A priv plmt 11.375% /2017 300,000 241,500 0.12Chester Downs & Marina sr secured Ser144A priv plmt 9.25% /2020 250,000 241,250 0.12Crown Castle International sr unsecur 5.25% /2023 250,000 240,426 0.12Seminole Hard Rock Entertainment co gtd Ser144A priv plmt 5.875% /2021 250,000 238,594 0.11

Illumina sr unsecur Ser144A priv plmt CV 0.25% /2016 215,000 234,069 0.11WellPoint sr unsecur Ser144A priv plmt CV 2.75% /2042 185,000 231,700 0.11Denbury Resources co gtd 4.625% /2023 250,000 230,559 0.11Endo Health Solutions sr subord nts CV 1.75% /2015 171,000 229,818 0.11Salix Pharmaceuticals sr nts CV 1.5% /2019 187,000 222,390 0.11Exide Technologies sr secured 8.625% /2018 350,000 218,750 0.10Infor US co gtd 9.375% /2019 200,000 217,500 0.10Prince Mineral Holding sr secured Ser144A priv plmt 11.5% /2019 200,000 215,000 0.10Sabre Holdings sr unsecur 8.35% /2016 200,000 214,000 0.10Tekni-Plex sr secured Ser144A priv plmt 9.75% /2019 199,000 212,930 0.10Vanguard Health Holding Co II co gtd 8% /2018 200,000 212,018 0.10JB Poindexter & Co sr unsecur Ser144A priv plmt 9% /2022 200,000 211,000 0.10Jefferies Group sr unsecur CV 3.875% /2029 196,000 210,811 0.10Jaguar Holding sr unsecur Ser144A priv plmt PIK 9.375% /2017 200,000 210,000 0.10SanDisk sr unsecur CV 1.5% /2017 158,000 209,962 0.10CCO Holdings Capital co gtd 6.5% /2021 200,000 209,118 0.10US Foods co gtd 8.5% /2019 200,000 208,000 0.10Wolverine World Wide co gtd Ser144A priv plmt 6.125% /2020 200,000 208,000 0.10Community Health Systems co gtd 7.125% /2020 200,000 207,236 0.10Crestwood Midstream Finance co gtd 7.75% /2019 200,000 207,000 0.10Affiliated Managers Group sr unsecur CV 3.95% /2038 161,000 204,280 0.10Sabine Pass sr secured Ser144A priv plmt 6.5% /2020 200,000 203,000 0.10Martin Midstream Finance sr unsecur Ser144A priv plmt 7.25% /2021 200,000 201,500 0.10Jefferies Group sr unsecur 5.125% /2023 200,000 198,560 0.10United States Steel sr unsecur CV 4% 15/05/2014 193,000 197,644 0.10Cobalt International Energy sr unsecur CV 2.625% /2019 182,000 193,780 0.09Continental Resources co gtd Ser144A priv plmt 4.5% /2023 200,000 193,750 0.09Allegheny Technologies sr unsecur CV 4.25% 01/06/2014 187,000 193,714 0.09Intel jr subord CV 2.95% /2035 179,000 193,430 0.09Micron Technology sr unsecur SerA CV 1.5% /2031 125,000 193,047 0.09International Game Technology sr unsecur CV 3.25% 01/05/2014 180,000 191,723 0.09Hecla Mining co gtd Ser144A priv plmt 6.875% /2021 200,000 187,000 0.09Ares Capital sr unsecur CV 5.75% /2016 171,000 186,854 0.09Avaya sr secured Ser144A priv plmt 7% /2019 200,000 181,000 0.09General Cable subord CV step cpn 4.5% /2029 162,000 179,010 0.09Nuance Communications sr unsecur CV 2.75% /2031 173,000 178,045 0.09Quality Distribution Capital secured 9.875% /2018 150,000 163,875 0.08Ameristar Casinos co gtd 7.5% /2021 150,000 157,003 0.08RR Donnelley & Sons sr unsecur 7.875% /2021 150,000 155,000 0.07IMS Health sr unsecur Ser144A priv plmt 6% /2020 150,000 152,625 0.07Salesforce.com sr unsecur Ser144A priv plmt CV 0.25% /2018 159,000 151,746 0.07Scientific Games International co gtd 6.25% /2020 150,000 150,000 0.07American Builders & Contractors Supply sr unsecur Ser144A priv plmt 5.625% /2021 150,000 147,375 0.07ACMP Finance co gtd 4.875% /2023 150,000 139,459 0.07Trinity Industries subord nts CV 3.875% /2036 111,000 129,985 0.06

Investments



value% of net

assets



Investments



value% of net







Annaly Capital Management sr unsecur CV 5% /2015 123,000 124,230 0.06Lam Research sr unsecur CV 1.25% /2018 110,000 121,229 0.06Caesars Entertainment Operating secured 10% /2018 200,000 119,239 0.06Harron Communications sr unsecur Ser144A priv plmt 9.125% /2020 100,000 108,250 0.05First Data co gtd Ser144A priv plmt 10.625% /2021 100,000 97,250 0.05


GermanyKfW - Kreditanstalt fuer Wiederaufbau govt gtd SerMTN 3.75% /2018 (AUD) 4,700,000 4,247,513 2.04Deutsche Bank subord nts 4.296% /2028 (5) 925,000 858,946 0.42KfW - Kreditanstalt fuer Wiederaufbau govt gtd SerMTN 6% /2017 (AUD) 450,000 445,623 0.21Allianz Finance II co gtd SerEMTN 5.75% /2041 (Netherlands) (2) (5) (EUR) 300,000 432,664 0.21RWE jr subord 7% perpetual (5) (GBP) 200,000 323,678 0.16Muenchener Rueckversicherungs subord SerEMTN 6.25% /2042 (5) (EUR) 200,000 300,528 0.14Commerzbank subord SerEMTN 7.75% /2021 (EUR) 200,000 275,198 0.13Aabar Investments sr unsecur RegS CV 4% /2016 (United Arab Emirates) (2) (EUR) 200,000 275,009 0.13Trionista TopCo subord RegS 6.875% /2021 (EUR) 200,000 259,283 0.12Celesio Finance co gtd SerEMTN 4% /2016 (Netherlands) (2) (EUR) 145,000 195,916 0.09Brenntag Finance co gtd 5.5% /2018 (Netherlands) (2) (EUR) 100,000 145,996 0.07


United KingdomVoyage Care Bondco sr secured RegS 6.5% /2018 (GBP) 700,000 1,074,746 0.51Lloyds TSB Bank subord SerEMTN 6.5% /2020 (EUR) 625,000 892,822 0.43Royal Bank of Scotland Group subord nts 6.125% /2022 770,000 733,321 0.34Barclays Bank subord SerEMTN 6% /2021 (EUR) 425,000 599,962 0.29British Airways sr secured Ser144A priv plmt 4.625% /2024 575,000 575,000 0.28William Hill co gtd 4.25% /2020 (GBP) 350,000 516,515 0.25NGG Finance co gtd SerGBP 5.625% /2073 (5) (GBP) 250,000 375,477 0.18Nationwide Building Society subord SerEMTN 4.125% /2023 (5) (EUR) 300,000 371,372 0.18CEVA Group sr secured Ser144A priv plmt 8.375% /2017 300,000 294,750 0.14Glencore Finance Europe co gtd CV 5% /2014 (Luxembourg) (2) 200,000 219,301 0.11Standard Chartered subord nts SerEMTN 3.625% /2022 (EUR) 150,000 189,982 0.09INEOS Group Holdings co gtd Ser144A priv plmt 6.125% /2018 (Luxembourg) (2) 200,000 188,000 0.09High Speed Rail Finance 1 sr secured SerEMTN 4.375% /2038 (GBP) 100,000 150,509 0.07


RussiaGazprombank ViaB Eurobond Finance sr unsecur RegS 7.875% /2016 (Ireland) (2) (RUB) 44,000,000 1,311,854 0.64Vnesheconombank Via VEB Finance sr unsecur Ser144A priv plmt 6.025% /2022 (Ireland) (2) 800,000 830,692 0.40Credit Bank of Moscow Via CBOM Finance subord Ser144A priv plmt 8.7% /2018 (Ireland) (2) 500,000 487,013 0.23TMK Via TMK Capital sr unsecur RegS 6.75% /2020 (Luxembourg) (2) 400,000 370,460 0.18Russian Standard Finance subord Ser144A priv plmt 10.75% /2018 (Luxembourg) (2) 300,000 313,427 0.15Vimpel Communications Via VIP Finance Ireland sr unsecur RegS LPN 7.748% /2021 (Ireland) (2) 205,000 218,661 0.10Lukoil International Finance co gtd CV 2.625% /2015 (Netherlands) (2) 100,000 107,659 0.05


FranceHolding Medi-Partenaires sr secured RegS 7% /2020 (EUR) 800,000 1,002,296 0.48Europcar Groupe secured RegS 11.5% /2017 (EUR) 650,000 936,666 0.45Crédit Agricole subord SerEMTN 5.875% /2019 (EUR) 300,000 434,687 0.21Société Générale sr unsecur Ser144A priv plmt 5.2% /2021 400,000 421,826 0.20AXA subord SerEMTN 5.25% /2040 (5) (EUR) 300,000 399,358 0.19AXA subord SerEMTN 5.125% /2043 (5) (EUR) 150,000 194,213 0.09


SpainTelefonica Emisiones co gtd SerEMTN 4.71% /2020 (EUR) 600,000 820,968 0.40Ferrovial Emisiones co gtd RegS 3.375% /2018 (EUR) 400,000 530,800 0.25Santander International Debt bnk gtd SerEMTN 4.625% /2016 (EUR) 300,000 405,791 0.20Banco Bilbao Vizcaya Argentaria covered 3.625% /2017 (EUR) 300,000 405,142 0.19Red Electrica Financiaciones co gtd SerEMTN 2.375% /2019 (EUR) 300,000 377,303 0.18Nara Cable Funding sr secured Ser144@ 8.875% /2018 (Ireland) (2) 300,000 307,500 0.15Prosegur Cia de Seguridad sr unsecur SerEMTN 2.75% /2018 (EUR) 200,000 259,033 0.12Ferrovial Emisiones co gtd RegS 3.375% /2021 (EUR) 200,000 251,860 0.12


IndonesiaPerusahaan Listrik Negara sr unsecur RegS 5.5% /2021 1,700,000 1,682,966 0.80Pertamina Persero sr unsecur Ser144A priv plmt 4.875% /2022 800,000 773,168 0.37Indo Energy Finance sr secured RegS 6.375% /2023 (Netherlands) (2) 750,000 659,329 0.32


ItalyWind Acquisition Finance sr secured RegS 7.375% /2018 (Luxembourg) (2) (EUR) 700,000 921,438 0.45Intesa Sanpaolo sr unsecur Ser144A priv plmt 6.5% /2021 525,000 530,324 0.25Enel Finance International co gtd Ser144A priv plmt 5.125% /2019 (Netherlands) (2) 465,000 481,924 0.23

Investments



value% of net

assets



Investments



value% of net

assets






UniCredit sr unsecur SerEMTN 4.875% /2017 (EUR) 300,000 411,476 0.20Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (2) (EUR) 200,000 290,501 0.14Davide Campari-Milano sr unsecur 4.5% /2019 (EUR) 200,000 273,525 0.13Banca Monte dei Paschi di Siena sr unsecur SerEMTN 4.5% 07/03/2014 (EUR) 100,000 130,652 0.06


BrazilCaixa Economica Federal sr unsecur RegS 3.5% /2022 2,500,000 2,125,913 1.02Banco BTG Pactual sr unsecur RegS 4% /2020 620,000 538,020 0.26


MexicoPetroleos Mexicanos co gtd 4.875% /2022 2,000,000 2,026,410 0.97Cemex sr secured Ser144A priv plmt 5.875% /2019 350,000 338,882 0.16


LuxembourgBormioli Rocco Holdings sr secured RegS 10% /2018 (EUR) 700,000 942,412 0.45ArcelorMittal sr unsecur 10.35% /2019 380,000 451,168 0.22APERAM sr unsecur Ser144A priv plmt 7.75% /2018 400,000 382,000 0.17Silver II US Holdings co gtd Ser144A priv plmt 7.75% /2020 300,000 303,000 0.15DH Services Luxembourg co gtd Ser144A priv plmt 7.75% /2020 250,000 261,875 0.13


South AfricaEskom Holdings SOC sr unsecur Ser144A priv plmt 5.75% /2021 2,125,000 2,126,369 1.02


PortugalBrisa Concessao Rodoviaria sr secured SerEMTN 6.875% /2018 (EUR) 700,000 935,265 0.45EDP Finance sr unsecur Ser144A priv plmt 6% /2018 (Netherlands) (2) 725,000 749,172 0.36Eni sr unsecur SerGALP CV 0.25% /2015 (Italy) (2) (EUR) 200,000 267,664 0.13


KazakhstanKazMunayGas National sr unsecur RegS 6.375% /2021 1,000,000 1,086,380 0.53KazMunayGas National sr unsecur Ser144A priv plmt 5.75% /2043 950,000 843,234 0.40


CanadaGoldcorp sr unsecur 3.7% /2023 1,040,000 914,727 0.44Lightstream Resources sr unsecur Ser144A priv plmt 8.625% /2020 350,000 334,250 0.16Tervita sr secured Ser144A priv plmt 8% /2018 300,000 302,063 0.14HudBay Minerals co gtd 9.5% /2020 150,000 147,000 0.07


NetherlandsABN Amro Bank subord SerEMTN 6.375% /2021 (EUR) 625,000 898,317 0.43Cooperatieve Centrale Raiffeisen-Boerenleenbank bnk gtd 3.95% /2022 425,000 402,654 0.20Iberdrola International co gtd SerEMTN 5.75% perpetual (5) (EUR) 200,000 259,687 0.12


ChinaCITIC Pacific sr unsecur SerEMTN 6.375% /2020 (Hong Kong) (2) 400,000 369,876 0.17ENN Energy Holdings sr unsecur CV 0% /2018 (Cayman Islands) (2) 250,000 271,610 0.13Wharf Finance 2014 co gtd CV 2.3% 07/06/2014 (British Virgin Islands) (2) (HKD) 2,000,000 263,246 0.13Tong Jie co gtd Ser363 CV 0% /2018 (British Virgin Islands) (2) (HKD) 2,000,000 252,347 0.12Billion Express Investments co gtd CV 0.75% /2015 (British Virgin Islands) (2) 200,000 202,483 0.10


IndiaBank of India sr unsecur Ser144A priv plmt 3.625% /2018 400,000 380,904 0.18Bharat Petroleum sr unsecur 4.625% /2022 400,000 375,362 0.18Vedanta Resources sr unsecur Ser144A priv plmt 7.125% /2023 (United Kingdom) (2) 370,000 350,764 0.17Bharti Airtel International co gtd Ser144A priv plmt 5.125% /2023 (Netherlands) (2) 210,000 192,639 0.09


AustraliaMacquarie Group sr unsecur Ser144A priv plmt 6% /2020 400,000 417,636 0.20Origin Energy Finance co gtd SerEMTN 7.875% /2071 (5) (EUR) 300,000 404,676 0.19QBE Capital Funding III co gtd Ser144A priv plmt 7.25% /2041 (Jersey) (2) (5) 350,000 371,214 0.18


VenezuelaPetroleos de Venezuela co gtd RegS 8.5% /2017 1,300,000 1,180,959 0.57


ThailandPTT Global Chemical sr unsecur RegS 4.25% /2022 500,000 480,180 0.23PTT sr unsecur Ser144A priv plmt 3.375% /2022 400,000 365,768 0.18


Investments



value% of net

assets



Investments



value% of net

assets



Italy (continued)



South KoreaKorea Finance sr unsecur 4.625% /2021 600,000 614,976 0.29SK Hynix sr unsecur CV 2.65% /2015 200,000 223,997 0.11


UkraineUkraine Railways via Shortline secured Ser144A priv plmt 9.5% /2018 (United Kingdom) (2) 520,000 479,565 0.23MHP co gtd RegS 8.25% /2020 (Luxembourg) (2) 400,000 356,650 0.17


SingaporeGlobal A&T Electronics sr secured Ser144A priv plmt 10% /2019 (Cayman Islands) (2) 300,000 305,250 0.15Olam International sr unsecur CV 6% /2016 200,000 192,604 0.09Golden Agri-Resources sr unsecur CV 2.5% /2017 (Mauritius) (2) 200,000 183,449 0.09Noble Group sr unsecur CV 0% 13/06/2014 (Bermuda) (2) 75,000 110,408 0.05


AustriaAtrium European Real Estate sr unsecur 4% /2020 (Jersey) (2) (EUR) 425,000 551,404 0.26


TurkeyFinansbank sr unsecur RegS 5.5% /2016 550,000 547,896 0.26


GreeceFAGE USA Dairy Industry co gtd RegS 9.875% /2020 (United States of America) (2) 250,000 266,875 0.12DryShips sr unsecur CV 5% /2014 (Marshall Islands) (2) 225,000 200,812 0.10


SwitzerlandCloverie for Zurich Insurance subord SerEMTN 7.5% /2039 (Ireland) (2) (5) (EUR) 200,000 315,031 0.15Aquarius and Investments for Zurich Insurance secured SerEMTN 4.25% /2043 (Ireland) (2) (5) (EUR) 100,000 128,079 0.06


Cayman IslandsShui On Land sr unsecur CV 4.5% /2015 (CNH) 1,200,000 194,192 0.10Chaowei Power Holdings sr unsecur RegS CV 7.25% /2017 (CNH) 1,000,000 153,502 0.07

Total for Cayman Islands 0.17

United Arab EmiratesADCB Finance Cayman co gtd SerGMTN 2.5% /2018 (Cayman Islands) (2) 200,000 193,155 0.09Pyrus co gtd RegS CV 7.5% /2015 (Cayman Islands) (2) 100,000 126,300 0.06


JamaicaDigicel sr unsecur Ser144A priv plmt 6% /2021 (Bermuda) (2) 300,000 285,750 0.14

Total for Jamaica 0.14

NorwaySiem Industries sr secured SerSUBC CV 1% /2019 (Cayman Islands) (2) 200,000 187,555 0.10


JapanKDDI sr unsecur CV 0% /2015 (JPY) 10,000,000 181,857 0.09


BelgiumLBC Tank Terminals Holding Netherlands co gtd Ser144A priv plmt 6.875% /2023 (Netherlands) (2) 150,000 149,063 0.08



Government Bonds

ItalyItaly Buoni Poliennali Del Tesoro 5.5% /2022 (EUR) 2,400,000 3,349,235 1.61Italy Buoni Poliennali Del Tesoro 4.5% /2019 (EUR) 1,550,000 2,095,627 1.00Italy Buoni Poliennali Del Tesoro 4% /2020 (EUR) 1,550,000 2,027,964 0.97


GermanyBundesrepublik Deutschland Ser03 4.75% /2034 (EUR) 1,800,000 3,235,233 1.55Bundesrepublik Deutschland Ser2007 4.25% /2039 (EUR) 1,200,000 2,092,150 1.00


PolandGovernment of Poland Ser1021 5.75% /2021 (PLN) 9,000,000 2,983,853 1.43Government of Poland Ser1019 5.5% /2019 (PLN) 6,900,000 2,252,033 1.08


PortugalPortugal Obrigacoes do Tesouro OT sr unsecur 5.65% /2024 (EUR) 4,050,000 4,919,661 2.36


Investments



value% of net

assets



Investments



value% of net





United States of AmericaUS Treasury 3.5% /2039 4,700,000 4,724,602 2.27


MexicoMexican Bonos SerM 20 7.5% /2027 (MXN) 27,000,000 2,287,631 1.09Mexican Bonos SerM 5% /2017 (MXN) 27,000,000 2,058,089 0.99


CanadaGovernment of Canada 3.25% /2021 (CAD) 3,400,000 3,455,262 1.66


United KingdomUK Treasury 4.25% /2039 (GBP) 1,900,000 3,260,881 1.56


BrazilRepublic of Brazil sr unsecur 8.5% /2024 (1) (BRL) 6,500,000 2,759,930 1.32Brazil Notas do Tesouro Nacional Serie F sr nts SerNTNF 10% /2017 (BRL) 1,000,000 439,352 0.21


IrelandGovernment of Ireland 3.9% /2023 (EUR) 2,000,000 2,568,207 1.23


SpainGovernment of Spain 4.4% /2023 (EUR) 1,000,000 1,261,114 0.61Government of Spain nts Ser144A priv plmt 4% /2018 700,000 693,805 0.33


RussiaRussian Federal Bond - OFZ Ser6207 8.15% /2027 (1) (RUB) 54,000,000 1,689,982 0.81


UkraineGovernment of Ukraine RegS 7.5% /2023 1,270,000 1,123,061 0.54


GreeceRepublic of Greece SerPSI step cpn 2% /2025 (EUR) 1,450,000 914,263 0.44


NorwayGovernment of Norway Ser472 4.25% /2017 (NOK) 4,000,000 721,198 0.35


SloveniaRepublic of Slovenia Ser144A priv plmt 5.85% /2023 660,000 614,510 0.29

Total for Slovenia 0.29

New ZealandGovernment of New Zealand sr unsecur Ser420 3% /2020 (NZD) 800,000 587,782 0.28


South AfricaRepublic of South Africa Ser2023 7.75% /2023 (ZAR) 5,000,000 504,665 0.24




United States of AmericaBanc of America Alternative Loan Trust 2006-7 A5 step cpn 6.226% /2036 2,879,850 2,260,052 1.07Countrywide Alternative Loan Trust 2005-J1 1A1 0.593% /2035 (5) 2,126,570 1,909,812 0.92RALI Trust 2006-QA10 A2 0.373% /2036 (5) 2,158,901 1,480,082 0.71STARM Mortgage Loan Trust 2007-4 3A1 5.637% /2037 (5) 1,395,836 1,266,246 0.61RALI Trust 2006-QS8 A1 6% /2036 1,291,435 1,050,385 0.50BCAP Trust 2007-AA3 1A1B 0.333% /2037 (5) 1,216,515 1,032,786 0.49Countrywide Alternative Loan Trust 2005-46CB A2 5.5% /2035 999,530 950,735 0.46WaMu Mortgage Pass Through Certificates 2005-AR16 1A3 2.476% /2035 (5) 1,003,344 904,762 0.43JP Morgan Mortgage Trust 2006-S4 A8 0.573% /2037 (5) 1,386,772 861,836 0.41Banc of America Funding 2006-G 2A4 Trust 0.482% /2036 (5) 1,005,000 836,051 0.40RALI Trust 2006-QS16 A7 6% /2036 1,068,686 835,261 0.40Indymac Index Mortgage Loan Trust 2005-AR23 2A1 2.486% /2035 (5) 1,061,112 833,522 0.39WaMu Mortgage Pass Through Certificates 2005-AR4 A5 2.45% /2035 (5) 885,000 810,321 0.39Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 3A 2.257% /2035 (5) 857,322 796,665 0.38First Horizon Alternative Mortgage Securities Trust 2006-FA4 1A1 6% /2036 934,671 788,553 0.38Banc of America Funding 2006-8T2 A6 step cpn 6.049% /2036 944,174 781,311 0.37Banc of America Funding 2006-G 2A1 Trust 0.412% /2036 (5) 870,801 774,635 0.37Washington Mutual Alternative Mortgage Pass-Through Certificates WMALT Series 2007-OC2 A1 0.293% /2037 (5) 1,039,187 729,579 0.35CSMC Mortgage-Backed Trust 2007-3 1A3A 5.746% /2037 (5) 1,199,560 716,077 0.34Banc of America Alternative Loan Trust 2005-10 1CB1 0.593% /2035 (5) 927,352 705,092 0.34Countrywide Alternative Loan Trust 2006-6CB 1A10 5.5% /2036 746,781 644,025 0.31CSMC Mortgage-Backed Trust 2007-3 1A1A 5.837% /2037 (5) 1,030,741 619,674 0.30

Investments



value% of net

assets



Investments



value% of net

assets Government Bonds (continued)




GSAA Home Equity Trust 2004-5 AF4 5.545% /2034 (5) 555,071 590,295 0.28GNMA 2012-138 AI 4% /2042 2,072,711 588,341 0.28GS Mortgage Securities II 2013-KYO E 3.793% /2029 (5) 600,000 586,508 0.28WaMu Mortgage Pass Through Certificates 2007-OA4 1A 0.939% /2047 (5) 652,361 553,385 0.26Countrywide Alternative Loan Trust 2005-48T1 A5 5.5% /2035 644,828 551,891 0.26Opteum Mortgage Acceptance Trust 2006-1 1AC1 0.493% /2036 (5) 675,000 536,679 0.26Citigroup Mortgage Loan Trust 2005-WF1 A4 step cpn 5.53% /2034 480,000 495,940 0.24JP Morgan Alternative Loan Trust 2006-S3 A3A step cpn 6% /2036 534,451 481,242 0.23Chase Mortgage Finance 2007-A1 11A4 2.676% /2037 (5) 533,799 479,836 0.22Harborview Mortgage Loan Trust 2006-7 2A1A 0.392% /2046 (5) 597,168 454,506 0.22JP Morgan Alternative Loan Trust 2005-S1 2A9 6% /2035 514,601 451,320 0.22Countrywide Alternative Loan Trust 2007-5CB 1A12 6% /2037 586,061 448,212 0.21Countrywide Alternative Loan Trust 2007-5CB 1A31 5.5% /2037 562,564 419,403 0.20First Horizon Alternative Mortgage Securities Trust 2006-FA3 A9 6% /2036 477,833 416,221 0.20First Horizon Alternative Mortgage Securities Trust 2006-FA3 A13 6% /2036 477,833 416,221 0.20First Horizon Alternative Mortgage Securities Trust 2006-FA3 A2 6% /2036 477,833 416,221 0.20Banc of America Alternative Loan Trust 2006-4 5CB1 6.5% /2046 521,027 416,206 0.20Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA4 A1A 0.929% /2047 (5) 624,938 411,744 0.20RALI Trust 2006-QA10 A1 Trust 0.378% /2036 (5) 596,473 409,165 0.20Countrywide Alternative Loan Trust 2008-2R 4A1 6.25% /2037 530,038 408,723 0.20Countrywide Alternative Loan Trust 2007-15CB A7 6% /2037 469,858 405,953 0.19Banc of America Alternative Loan Trust 2005-8 2CB1 6% /2035 417,501 385,882 0.19Lehman Mortgage Trust 2007-8 2A1 6.5% /2037 434,224 377,971 0.18American Home Mortgage Investment Trust 2007-A 13A1 step cpn 6.1% /2037 532,818 355,435 0.17CHL Mortgage Pass-Through Trust 2006-9 A3 6% /2036 389,093 353,629 0.17JP Morgan Alternative Loan Trust 2006-S1 1A19 6.5% /2036 393,030 346,839 0.17JP Morgan Mortgage Trust 2006-S3 1A30 6.5% /2036 368,820 336,067 0.16Citigroup Mortgage Loan Trust 2005-9 2A2 5.5% /2035 331,074 331,741 0.16RALI Trust 2007-QS6 A45 5.75% /2037 410,914 324,318 0.16Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA5 A1A 1.009% /2047 (5) 419,043 312,496 0.15JP Morgan Mortgage Trust 2007-A4 2A3 5.498% /2037 (5) 358,794 302,038 0.14

Countrywide Alternative Loan Trust 2006-14CB A7 6% /2036 362,383 293,150 0.14GSR Mortgage Loan Trust 2005-AR5 2A3 2.794% /2035 (5) 334,979 290,757 0.14Fannie Mae REMICS 2012-63 HS 6.357% /2041 (5) 1,122,203 278,459 0.13RALI Trust 2006-QS16 A10 6% /2036 339,713 265,512 0.13JP Morgan Alternative Loan Trust 2005-S1 2A11 6% /2035 238,917 209,560 0.10Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1 0.939% /2047 (5) 279,928 209,103 0.10Merrill Lynch Mortgage Investors Trust Series MLCC 2005-1 2A2 2.216% /2035 (5) 192,279 189,402 0.09Washington Mutual Alternative Mortgage Pass-Through Certificates 2005-10 2A6 5.5% /2035 213,150 174,528 0.08RALI Trust 2007-QS4 5A2 5.5% /2022 164,805 167,908 0.08Countrywide Alternative Loan Trust 2006-41CB 1A5 6% /2037 213,115 157,701 0.08RALI Trust 2006-QS8 A3 6% /2036 181,463 146,708 0.07Wells Fargo Mortgage Backed Securities 2006-AR10 Trust 2.611% /2036 (5) 161,931 143,100 0.07Citigroup Mortgage Loan Trust 2006-AR1 2A1 2.57% /2036 (5) 157,870 142,543 0.07Countrywide Alternative Loan Trust 2006-36T2 2A5 6% /2036 183,867 133,363 0.06JP Morgan Alternative Loan Trust 2006-A1 4A4 2.401% /2036 (5) 179,590 130,325 0.06GSR Mortgage Loan Trust 2005-AR3 6A1 2.779% /2035 (5) 140,061 125,814 0.06Countrywide Alternative Loan Trust 2007-16CB 4A1 0.593% /2037 (5) 182,985 125,587 0.06Banc of America Funding 2007-5 3A1 6% /2037 156,367 124,373 0.06First Horizon Alternative Mortgage Securities Trust 2006-FA5 A3 6.25% /2036 139,054 117,321 0.06WaMu Mortgage Pass Through Certificates 2005-AR15 A1A2 0.473% /2045 (5) 135,188 116,461 0.06Countrywide Alternative Loan Trust 2006-J3 1A4 6% /2036 140,818 115,631 0.07RALI Trust 2006-QS4 A2 6% /2036 123,700 101,319 0.05JP Morgan Mortgage Trust 2005-S3 1A21 5.5% /2036 106,496 100,042 0.05Countrywide Alternative Loan Trust 2006-4CB 1A1 6% /2036 118,388 95,317 0.05DBUBS Mortgage Trust 2011-LC3A A2 3.642% /2044 90,000 95,259 0.05Countryywide Alternative Loan Trust 2006-43CB 1A4 6% /2037 116,638 94,369 0.05Washington Mutual Alternative Mortgage Pass-Through Certificates 2005-AR1 A1A 0.453% /2035 (5) 111,233 84,936 0.04RALI Trust 2007-QS2 A1 6% /2037 107,585 82,204 0.04Luminent Mortgage Trust 2006-6 A2A 0.363% /2046 (5) 223,243 60,981 0.03Countrywide Alternative Loan Trust 2005-86CB A4 5.5% /2036 63,786 52,850 0.03Structured Asset Mortgage Investments 2006-AR6 1A2 0.423% /2046 (5) 309,353 48,486 0.02Countrywide Alternative Loan Trust 2005-86CB A11 5.5% /2036 37,072 30,716 0.02Structured Asset Mortgage Investments 2006-AR6 2A2 0.423% /2046 (5) 151,404 24,473 0.01Luminent Mortgage Trust 2006-4 A1B 0.423% /2046 (5) 179,725 12,021 0.01





Investments



value% of net

assets Mortgage and Asset Backed Securities (continued)




Investments



value% of net

assets





Investments



value% of net

assets Equities

United States of AmericaNextEra Energy Pfd Stock CV 7% 01/09/2013 3,533 209,330 0.11Apache Pfd Stock SerD CV 6% 01/08/2013 4,178 199,165 0.10PPL Pfd Stock CV 8.75% 01/05/2014 3,650 195,458 0.09Bank of America Pfd Stock SerL CV 7.25% perpetual 160 176,400 0.08United Technologies Pfd Stock CV 7.5% /2015 2,250 133,065 0.06Wells Fargo & Co. SerL Pfd Stock CV 7.5% perpetual 66 77,682 0.04




DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

US 10yr T-note Future 09/2013 26 3,278,438 Goldman Sachs (86,578) (0.04)US Long Bond Future 09/2013 34 4,583,625 Goldman Sachs (202,500) (0.10)US Ultra Bond Future 09/2013 26 3,781,375 Goldman Sachs (241,110) (0.11)





Maturity date

Amount bought Ccy



USD% of net

assets

02/07/2013 53,130,000 MXN 4,018,728 USD State Street 39,940 0.02 02/07/2013 1,059,047 USD 1,100,000 CAD Westpac Bank 13,201 0.01 02/07/2013 2,372,838 USD 2,455,000 CAD RBC 38,700 0.02 02/07/2013 7,531,449 USD 96,050,000 MXN State Street 194,066 0.09 05/07/2013 815,000 EUR 1,056,110 USD State Street 5,852 0.00 05/07/2013 280,268 USD 215,000 EUR J.P. Morgan 118 0.00 08/07/2013 199,763 CAD 200,000 AUD Commonwealth Bank 6,783 0.00 08/07/2013 3,405,744 USD 3,530,000 AUD Westpac Bank 173,712 0.08 08/07/2013 1,856,812 USD 2,000,000 AUD Commonwealth Bank 25,632 0.01 08/07/2013 1,177,681 USD 1,455,000 NZD HSBC 53,732 0.03 08/07/2013 1,036,954 USD 1,300,000 NZD Commonwealth Bank 32,738 0.02 10/07/2013 3,467,350 USD 3,230,000 CHF Deutsche Bank 46,831 0.02 10/07/2013 6,824,393 USD 22,120,000 PLN Deutsche Bank 194,828 0.10 11/07/2013 1,595,342 EUR 4,000,000 TRY Commonwealth Bank 16,128 0.01 11/07/2013 1,959,000 KRW 1,690 USD HSBC 19 0.00 11/07/2013 4,000,000 TRY 1,569,869 EUR Deutsche Bank 17,064 0.01 11/07/2013 767,192 USD 1,650,000 BRL J.P. Morgan 27,253 0.01

11/07/2013 635,583 USD 1,370,000 BRL Deutsche Bank 21,210 0.01 11/07/2013 2,041,190 USD 3,900,000,000 COP J.P. Morgan 25,740 0.01 11/07/2013 1,747 USD 1,959,000 KRW HSBC 38 0.00 11/07/2013 421,049 USD 1,325,000 MYR HSBC 1,937 0.00 11/07/2013 2,653,567 USD 86,300,000 RUB Deutsche Bank 35,597 0.02 16/07/2013 4,400,000 NOK 722,822 USD Deutsche Bank 847 0.00 16/07/2013 1,456,780 USD 8,750,000 NOK J.P. Morgan 17,665 0.01 19/07/2013 1,075,423 USD 700,000 GBP HSBC 10,571 0.01 24/07/2013 794,821 USD 7,885,000 ZAR Deutsche Bank 10,011 0.00 26/07/2013 611,409 USD 60,000,000 JPY State Street 5,762 0.00 02/08/2013 8,200,000 MXN 620,919 USD J.P. Morgan 3,713 0.00 02/08/2013 6,750,000 MXN 510,026 USD State Street 4,153 0.00 02/08/2013 2,126,886 USD 2,235,000 CAD RBC 3,547 0.00


02/07/2013 3,555,000 CAD 3,422,932 USD RBC (42,948) (0.02)02/07/2013 2,000,000 CHF 2,144,416 USD Deutsche Bank (26,579) (0.01)02/07/2013 38,120,000 MXN 2,971,403 USD State Street (59,367) (0.03)02/07/2013 4,800,000 MXN 378,545 USD RBC (11,867) (0.01)02/07/2013 2,062,949 USD 2,000,000 CHF UBS (54,888) (0.03)05/07/2013 2,110,000 EUR 2,774,194 USD J.P. Morgan (24,821) (0.01)05/07/2013 500,000 EUR 654,365 USD HSBC (2,854) 0.00 05/07/2013 4,500,000 EUR 6,000,327 USD Westpac Bank (136,734) (0.08)05/07/2013 2,350,000 EUR 3,085,877 USD Commonwealth Bank (23,778) (0.01)05/07/2013 12,976,485 USD 10,065,000 EUR Westpac Bank (138,418) (0.07)05/07/2013 213,977 USD 165,000 EUR Commonwealth Bank (1,022) 0.00 08/07/2013 1,200,000 AUD 1,146,850 USD Commonwealth Bank (48,142) (0.02)08/07/2013 95,000 AUD 91,251 USD RBC (4,270) 0.00 08/07/2013 65,000 CAD 64,001 USD RBC (2,210) 0.00 08/07/2013 855,000 NZD 690,395 USD RBC (29,930) (0.01)08/07/2013 1,338,870 NZD 1,075,458 USD HSBC (41,216) (0.02)08/07/2013 537,210 USD 4,170,000 HKD HSBC (304) 0.00 10/07/2013 800,000 CHF 853,798 USD RBC (6,611) 0.00 10/07/2013 4,900,000 PLN 1,502,680 USD Deutsche Bank (34,106) (0.02)11/07/2013 600,000 BRL 270,819 USD J.P. Morgan (1,750) 0.00 11/07/2013 520,000,000 CLP 1,026,248 USD State Street (4,551) 0.00 11/07/2013 2,000,000,000 COP 1,035,197 USD J.P. Morgan (1,633) 0.00 11/07/2013 2,780,000 MYR 897,121 USD HSBC (17,777) (0.01)11/07/2013 240,000 TRY 127,266 USD HSBC (3,505) 0.00 11/07/2013 1,735,416 USD 3,900,000 BRL J.P. Morgan (13,531) (0.01)11/07/2013 1,933,114 USD 1,000,000,000 CLP J.P. Morgan (31,688) (0.02)11/07/2013 479,260 USD 15,800,000 RUB Deutsche Bank (44) 0.00 11/07/2013 123,043 USD 240,000 TRY Deutsche Bank (718) 0.00 16/07/2013 41,665,000 NOK 7,210,305 USD Deutsche Bank (357,652) (0.17)16/07/2013 8,235,000 SEK 1,247,383 USD Deutsche Bank (26,603) (0.01)19/07/2013 1,513,000 GBP 2,369,831 USD RBC (68,229) (0.03)19/07/2013 225,000 GBP 347,283 USD Commonwealth Bank (5,009) 0.00 24/07/2013 8,250,000 ZAR 831,383 USD RBC (10,244) 0.00 26/07/2013 1,045,000,000 JPY 11,000,579 USD State Street (452,228) (0.22)02/08/2013 5,400,000 MXN 412,710 USD State Street (1,367) 0.00 02/08/2013 4,006,606 USD 53,130,000 MXN State Street (40,547) (0.02)







Maturity date

Amount bought Ccy



USD% of net

assets





Notional amount




assets

Buy Alcoa 5.72% 23/02/2019 USD 650,000 20/09/2018 Barclays Capital 67,909 0.03

Buy Kohl’s 6.25% 15/12/2017 USD 875,000 20/06/2018 J.P. Morgan 14,495 0.01

Sell CDX.NA.IG.20-V 01/06/2018 USD 290,000 20/06/2018 J.P. Morgan 1,994 0.00



Sell iTraxx Europe Senior Financials Series 19 01/06/2018 EUR 5,000,000 20/06/2018 Barclays Capital (189,770) (0.09)








assets

Pay fixed rate 2.040% Receive floating rate USD LIBOR 3 months USD 2,240,000 13/02/2023 Bank of America 100,826 0.05



Pay fixed rate 2.804% Receive floating rate USD LIBOR 3 months USD 1,600,000 01/05/2043 Barclays Capital 198,161 0.10



Cash of USD 290,000 paid as collateral by the counterparties in relation to the above OTC contracts.




(1) All or part of this position is out on loan.(2) The country in brackets represents the country of incorporation of this security.(5) Variable coupon rates are those quoted as of 30 June 2013.

DERIVATIVES




Global High Yield Bond Fund

Corporate Bonds

United States of America Diamond Resorts sr secured 12% /2018 987,000 1,070,895 0.89 Marquette Transportation Finance secured 10.875% /2017 1,000,000 1,070,000 0.89 Kratos Defense & Security Solutions sr secured 10% /2017 1,000,000 1,060,000 0.88 Alion Science & Technology sr secured PIK 12% /2014 1,010,000 1,030,200 0.85 Envision Healthcare Holdings sr nts Ser144A priv plmt PIK 9.25% /2017 1,000,000 1,017,500 0.84 Sequa co gtd Ser144A priv plmt 7% /2017 1,000,000 995,000 0.82 Kenan Advantage Group sr unsecur Ser144A priv plmt 8.375% /2018 950,000 992,750 0.82 Pretium Packaging Finance secured 11.5% /2016 900,000 958,500 0.79 GETCO Financing Escrow sr secured Ser144A priv plmt 8.25% /2018 1,000,000 950,000 0.79 Consolidated Container Capital co gtd Ser144A priv plmt 10.125% /2020 900,000 947,250 0.79 Zachry Holdings sr nts Ser144A priv plmt 7.5% /2020 900,000 931,500 0.77 Jefferies Finance sr unsecur Ser144A priv plmt 7.375% /2020 950,000 926,250 0.77Snoqualmie Entertainment Authority sr secured Ser144A priv plmt 9.125% /2015 926,000 913,846 0.76 Kindred Healthcare co gtd 8.25% /2019 900,000 913,500 0.76 Iracore International Holdings sr secured Ser144A priv plmt 9.5% /2018 900,000 909,000 0.75 American Gilsonite sr secured Ser144A priv plmt 11.5% /2017 850,000 901,000 0.75 INTCOMEX secured 13.25% /2014 888,000 892,440 0.74 Rite Aid co gtd 9.5% /2017 850,000 883,193 0.73 Sugarhouse HSP Gaming Prop Mezz sr secured Ser144A priv plmt 6.375% /2021 900,000 877,500 0.73 Associated Asphalt Finance sr secured Ser144A priv plmt 8.5% /2018 850,000 862,750 0.72 Navios Maritime Finance II co gtd 8.125% /2019 (Marshall Islands) (2) 900,000 855,000 0.71 Rite Aid co gtd Ser144A priv plmt 6.75% /2021 850,000 839,375 0.70 Rivers Pittsburgh Borrower Finance sr secured Ser144A priv plmt 9.5% /2019 769,000 826,675 0.69 Knowledge Universe Education co gtd Ser144A priv plmt 7.75% /2015 833,000 808,010 0.67 Provident Funding Associates co gtd Ser144A priv plmt 6.75% /2021 800,000 802,000 0.66 Supervalu sr unsecur 8% /2016 750,000 801,851 0.66 Ahern Rentals secured Ser144A priv plmt 9.5% /2018 800,000 797,000 0.66 Armored Autogroup co gtd 9.25% /2018 863,000 796,118 0.66 Associated Materials sr secured 9.125% /2017 750,000 793,770 0.66 inVentiv Health sr secured Ser144A priv plmt 9% /2018 750,000 785,625 0.65 VWR Funding co gtd 7.25% /2017 750,000 782,813 0.65 Jefferies LoanCore/JLC Finance sr unsecur Ser144A priv plmt 6.875% /2020 800,000 780,000 0.65 US Foods co gtd 8.5% /2019 750,000 780,000 0.65 HD Supply co gtd 10.5% /2021 750,000 778,376 0.65 IDQ Holdings sr secured Ser144A priv plmt 11.5% /2017 700,000 773,500 0.64 Harland Clarke Holdings co gtd 6% /2015 (5) 800,000 770,000 0.64 American Standard Americas sr secured Ser144A priv plmt 10.75% /2016 750,000 768,750 0.64 RSI Home Products secured Ser144A priv plmt 6.875% /2018 750,000 768,750 0.64 RR Donnelley & Sons sr unsecur 7.875% /2021 740,000 764,668 0.63 DynCorp International co gtd 10.375% /2017 750,000 756,521 0.63

INVESTMENT AIM

To provide an attractive rate of return, measured in US dollars, through investments worldwide primarily in fixed income securities issued by corporations that are rated lower than “BBB-” by S&P or “Baa3” by Moody’s or similarly by another internationally recognised rating service or determined to be of similar creditworthiness by the investment adviser.



Investments



value% of net

assets



GXS Worldwide sr secured 9.75% /2015 545,000 555,219 0.46 Bonanza Creek Energy co gtd Ser144A priv plmt 6.75% /2021 544,000 550,800 0.46 Chrysler Group/CG Co-Issuer secured 8% /2019 500,000 547,450 0.45 First Data co gtd Ser144A priv plmt 11.75% /2021 600,000 546,000 0.45 Atkore International sr secured 9.875% /2018 500,000 531,250 0.44 Wells Enterprises sr secured Ser144A priv plmt 6.75% /2020 500,000 523,750 0.43 Caesars Entertainment Operating sr secured 11.25% /2017 500,000 520,288 0.43 MetroPCS Wireless co gtd Ser144A priv plmt 6.25% /2021 500,000 510,625 0.42 Freescale Semiconductor co gtd 8.05% /2020 500,000 508,750 0.42 Martin Midstream Finance sr unsecur Ser144A priv plmt 7.25% /2021 500,000 503,750 0.42 First Data co gtd Ser144A priv plmt 11.25% /2021 500,000 502,500 0.42 Royal Caribbean Cruises sr unsecur 5.25% /2022 (Liberia) (2) 500,000 487,458 0.40 Prince Mineral Holding sr secured Ser144A priv plmt 11.5% /2019 450,000 483,750 0.40 Exide Technologies sr secured 8.625% /2018 750,000 468,750 0.39 AES sr unsecur 4.875% /2023 500,000 467,105 0.39 SBA Telecommunications co gtd Ser144A priv plmt 5.75% /2020 450,000 452,813 0.38 Bumble Bee Holdco sr nts Ser144A priv plmt PIK 9.625% /2018 (Luxembourg) (2) 425,000 444,125 0.37 WMG Acquisition sr secured RegS 6.25% /2021 (EUR) 315,000 413,867 0.34 BC Mountain Finance co gtd Ser144A priv plmt 7% /2021 400,000 409,000 0.34 Acadia Healthcare co gtd Ser144A priv plmt 6.125% /2021 400,000 402,000 0.33 Service Corp International sr unsecur Ser144A priv plmt 5.375% /2022 400,000 399,000 0.33 Rentech Nitrogen Finance secured Ser144A priv plmt 6.5% /2021 400,000 397,500 0.33 Continental Resources co gtd Ser144A priv plmt 4.5% /2023 400,000 387,500 0.32 Graton Economic Development Authority sr secured Ser144A priv plmt 9.625% /2019 350,000 385,875 0.32 Interline Brands sr unsecur PIK 10% /2018 350,000 376,250 0.31 Cablevision Systems sr unsecur 7.75% /2018 350,000 375,254 0.31 Hecla Mining co gtd Ser144A priv plmt 6.875% /2021 400,000 374,000 0.31 JB Poindexter & Co sr unsecur Ser144A priv plmt 9% /2022 350,000 369,250 0.31 Avaya sr secured Ser144A priv plmt 7% /2019 400,000 362,000 0.30 Quality Distribution Capital secured 9.875% /2018 300,000 327,750 0.27 Kennedy-Wilson co gtd 8.75% /2019 300,000 324,000 0.27 Vanguard Health Holding Co II co gtd 8% /2018 300,000 318,027 0.26 Martin Midstream Finance co gtd 8.875% /2018 300,000 317,250 0.26 Jaguar Holding sr unsecur Ser144A priv plmt PIK 9.375% /2017 300,000 315,000 0.26 Ameristar Casinos co gtd 7.5% /2021 300,000 314,007 0.26 Nuverra Environmental Solutions co gtd 9.875% /2018 300,000 313,500 0.26 American Airlines 2013-1 Class B Pass Through Trust Ser144A priv plmt 5.625% /2021 300,000 310,500 0.26 Caesars Entertainment Operating secured 10% /2018 500,000 298,098 0.25 Weekley Finance sr unsecur Ser144A priv plmt 6% /2023 300,000 295,500 0.24 Harron Communications sr unsecur Ser144A priv plmt 9.125% /2020 250,000 270,625 0.22 Nuverra Environmental Solutions co gtd Ser144A priv plmt 9.875% /2018 250,000 259,375 0.22 Eagle Midco sr unsecur Ser144A priv plmt 9% /2018 250,000 245,000 0.20 AES sr unsecur 7.375% /2021 200,000 219,675 0.18 GenOn Americas Generation sr unsecur 8.5% /2021 200,000 216,754 0.18 Freescale Semiconductor sr secured Ser144A priv plmt 9.25% /2018 200,000 215,000 0.18

Nuveen Investments sr unsecur Ser144A priv plmt 9.125% /2017 750,000 755,625 0.63 American Achievement secured Ser144A priv plmt 10.875% /2016 750,000 746,250 0.62 Drill Rigs Holdings sr secured Ser144A priv plmt 6.5% /2017 (Marshall Islands) (2) 750,000 746,250 0.62 Logan’s Roadhouse secured 10.75% /2017 800,000 744,428 0.62 Denbury Resources co gtd 4.625% /2023 800,000 737,788 0.61 American Builders & Contractors Supply sr unsecur Ser144A priv plmt 5.625% /2021 750,000 736,875 0.61 Cenveo secured 8.875% /2018 750,000 733,643 0.61 Compiler Finance Sub sr unsecur Ser144A priv plmt 7% /2021 750,000 733,125 0.61 Permian Holdings sr secured Ser144A priv plmt 10.5% /2018 750,000 731,250 0.61 BOE Intermediate Holding sr unsecur Ser144A priv plmt PIK 9% /2017 750,000 723,750 0.60 Seminole Hard Rock Entertainment co gtd Ser144A priv plmt 5.875% /2021 750,000 715,781 0.59 ARAMARK co gtd Ser144A priv plmt 5.75% /2020 700,000 712,250 0.59 Marina District Finance sr secured 9.5% /2015 680,000 708,519 0.59 Approach Resources co gtd 7% /2021 700,000 705,250 0.58 Visant co gtd 10% /2017 750,000 690,000 0.57 Viasystems sr secured Ser144A priv plmt 7.875% /2019 650,000 689,000 0.57 Cleaver-Brooks sr secured Ser144A priv plmt 8.75% /2019 650,000 687,375 0.57 Neenah Paper co gtd Ser144A priv plmt 5.25% /2021 700,000 686,000 0.57 Safway Group Holding secured Ser144A priv plmt 7% /2018 700,000 684,250 0.57 Sonic Automotive co gtd Ser144A priv plmt 5% /2023 700,000 679,000 0.56 CCO Holdings Capital co gtd 5.75% /2024 700,000 678,419 0.56 Chester Downs & Marina sr secured Ser144A priv plmt 9.25% /2020 700,000 675,500 0.56 Monitronics International co gtd 9.125% /2020 650,000 666,250 0.55 Burlington Holding Finance sr unsecur Ser144A priv plmt PIK 9% /2018 650,000 659,750 0.55 Tekni-Plex sr secured Ser144A priv plmt 9.75% /2019 598,000 639,860 0.53 Oxford Finance sr unsecur Ser144A priv plmt 7.25% /2018 600,000 630,000 0.52 Northern Oil and Gas co gtd 8% /2020 605,000 614,075 0.51 US Coatings Acquisition co gtd Ser144A priv plmt 7.375% /2021 600,000 612,750 0.51 SM Energy sr unsecur Ser144A priv plmt 5% /2024 650,000 612,625 0.51 Cequel Communications Holdings sr unsecur Ser144A priv plmt 6.375% /2020 600,000 609,000 0.50 Northern Tier Finance sr secured Ser144A priv plmt 7.125% /2020 600,000 609,000 0.50 Hot Topic sr secured Ser144A priv plmt 9.25% /2021 600,000 607,500 0.50 ServiceMaster co gtd 8% /2020 600,000 604,500 0.50 Empire Today Finance sr secured Ser144A priv plmt 11.375% /2017 750,000 603,750 0.50 CCM Merger co gtd Ser144A priv plmt 9.125% /2019 550,000 584,375 0.48 Clearwire Finance sr secured Ser144A priv plmt 12% /2015 550,000 584,375 0.48 Gibraltar Industries co gtd Ser144A priv plmt 6.25% /2021 550,000 569,250 0.47 Continental Airlines 2012-3 Class C Pass Through Certificates 6.125% /2018 550,000 555,500 0.46

Investments



value% of net

assets



Investments



value% of net

assets







Geo Debt Finance sr secured RegS 7.5% /2018 (EUR) 450,000 588,263 0.49 INEOS Group Holdings co gtd RegS 6.5% /2018 (EUR) 400,000 499,913 0.41 Gategroup Finance Luxembourg co gtd RegS 6.75% /2019 (EUR) 350,000 453,449 0.38


United Kingdom Priory Group No 3 co gtd RegS 8.875% /2019 (GBP) 600,000 903,958 0.75 CEVA Group sr secured Ser144A priv plmt 8.375% /2017 750,000 736,875 0.61 Ineos Group Holdings secured RegS 7.875% /2016 (Luxembourg) (2) (EUR) 505,243 661,055 0.55 Voyage Care Bondco sr secured RegS 6.5% /2018 (GBP) 400,000 614,140 0.51 INEOS Group Holdings co gtd Ser144A priv plmt 6.125% /2018 (Luxembourg) (2) 600,000 564,000 0.47 Anglian Water Osprey Financing sr secured SerEMTN 7% /2018 (GBP) 250,000 404,013 0.33 Kelda Finance No 3 sr secured RegS 5.75% /2020 (GBP) 200,000 304,344 0.25 William Hill co gtd 4.25% /2020 (GBP) 200,000 295,152 0.25


FranceHolding Medi-Partenaires sr secured RegS 7% /2020 (EUR) 700,000 877,009 0.73 Europcar Groupe secured RegS 1 1.5% /2017 (EUR) 500,000 720,512 0.60 SMCP SAS sr secured RegS 8.875% /2020 (1) (EUR) 500,000 647,759 0.54 Loxam SAS sr subord RegS 7.375% /2020 (1) (EUR) 500,000 647,515 0.53 Faurecia sr unsecur SerEMTN 8.75% /2019 (EUR) 450,000 627,209 0.52 La Financiere Atalian sr unsecur RegS 7.25% /2020 (1) (EUR) 450,000 579,521 0.48 Elior Finance & Co sr secured RegS 6.5% /2020 (Luxembourg) (1) (2) (EUR) 150,000 199,310 0.16


CanadaTervita sr secured Ser144A priv plmt 8% /2018 750,000 755,156 0.63 Seven Generations Energy sr nts Ser144A priv plmt 8.25% /2020 700,000 700,000 0.58 Lightstream Resources sr unsecur Ser144A priv plmt 8.625% /2020 730,000 697,150 0.58 MDC Partners co gtd Ser144A priv plmt 6.75% /2020 600,000 595,500 0.49 Eldorado Gold sr unsecur Ser144A priv plmt 6.125% /2020 500,000 485,000 0.40 Cogeco Cable co gtd Ser144A priv plmt 4.875% /2020 400,000 389,000 0.32


IrelandArdagh Glass Finance co gtd RegS 8.75% /2020 (1) (EUR) 1,000,000 1,345,547 1.12 Nara Cable Funding II sr secured RegS 8.5% /2020 (EUR) 450,000 625,634 0.52 Rottapharm co gtd RegS 6.125% /2019 (1) (EUR) 350,000 457,360 0.38 Altice Finco co gtd RegS 9% /2023 (Luxembourg) (2) (EUR) 200,000 259,231 0.21


CNO Financial Group sr secured Ser144A priv plmt 6.375% /2020 200,000 215,000 0.18 Sabre Holdings sr unsecur 8.35% /2016 200,000 214,000 0.18 Spectrum Brands co gtd 6.75% /2020 200,000 211,750 0.18 Harland Clarke Holdings co gtd 9.5% /2015 212,000 211,562 0.18 Level 3 Financing co gtd 8.125% /2019 200,000 210,553 0.18 Speedway Motorsports co gtd 6.75% /2019 200,000 210,000 0.17 Wolverine World Wide co gtd Ser144A priv plmt 6.125% /2020 200,000 208,000 0.17 Hologic co gtd 6.25% /2020 200,000 206,000 0.17 Bristow Group co gtd 6.25% /2022 200,000 205,750 0.17 Eagle Rock Energy Finance co gtd 8.375% /2019 200,000 204,605 0.17 IMS Health sr unsecur Ser144A priv plmt 6% /2020 200,000 203,500 0.17 Sabine Pass sr secured Ser144A priv plmt 6.5% /2020 200,000 203,000 0.17 ACCO Brands co gtd 6.75% /2020 200,000 202,000 0.17 Burlington Coat Factory Warehouse co gtd 10% /2019 183,000 200,385 0.17 Exopack Holding co gtd 10% /2018 195,000 196,950 0.16 Sabra Health Care co gtd 5.375% /2023 200,000 196,250 0.16 Kodiak Oil & Gas co gtd Ser144A priv plmt 5.5% /2021 (Canada) (2) 200,000 195,250 0.16 Crestwood Midstream Finance co gtd 7.75% /2019 188,000 194,580 0.16 First Data co gtd Ser144A priv plmt 10.625% /2021 200,000 194,500 0.16 Crown Castle International sr unsecur 5.25% /2023 200,000 192,341 0.16 Nationstar Mortgage Capital co gtd Ser144A priv plmt 7.875% /2020 150,000 160,125 0.13 Griffon co gtd 7.125% /2018 150,000 157,097 0.13 Aleris International co gtd 7.625% /2018 133,000 138,486 0.12 WMG Acquisition sr secured Ser144A priv plmt 6% /2021 135,000 138,038 0.12 Infor US co gtd 9.375% /2019 100,000 108,750 0.09 Scientific Games International co gtd 9.25% /2019 100,000 108,500 0.09 Spectrum Brands Escrow co gtd Ser144A priv plmt 6.625% /2022 100,000 105,000 0.09 Crestwood Midstream Finance co gtd Ser144A priv plmt 7.75% /2019 100,000 103,500 0.09 Scientific Games International co gtd 6.25% /2020 100,000 100,000 0.08


Luxembourg Albea Beauty Holdings sr secured RegS 8.75% /2019 (EUR) 1,000,000 1,283,367 1.06 APERAM sr unsecur Ser144A priv plmt 7.75% /2018 900,000 859,500 0.71 DH Services Luxembourg co gtd Ser144A priv plmt 7.75% /2020 800,000 838,000 0.70 Silver II US Holdings co gtd Ser144A priv plmt 7.75% /2020 700,000 707,000 0.59 Spie BondCo 3 co gtd RegS 11% /2019 (1) (EUR) 500,000 698,185 0.58 Numericable Finance & Co sr secured RegS 8.75% /2019 (EUR) 500,000 696,726 0.58 Intelsat Luxembourg co gtd Ser144A priv plmt 6.75% /2018 650,000 653,250 0.54 Bormioli Rocco Holdings sr secured RegS 10% /2018 (EUR) 450,000 605,836 0.50



Investments



value% of net

assets

Investments



value% of net

assets




Luxembourg (continued)



Investments



value% of net

assets

Greece DryShips sr unsecur CV 5% /2014 (Marshall Islands) (2) 750,000 669,375 0.55 FAGE USA Dairy Industry co gtd RegS 9.875% /2020 (United States of America) (2) 350,000 373,625 0.31


NetherlandsUPC Holding secured RegS 6.375% /2022 (EUR) 400,000 502,980 0.42 Refresco Group sr secured RegS 7.375% /2018 (1) (EUR) 200,000 268,838 0.22


Brazil ESAL co gtd RegS 6.25% /2023 (Austria) (2) 600,000 550,350 0.46 Minerva Luxembourg co gtd RegS 7.75% /2023 (Luxembourg) (2) 200,000 197,761 0.16


India Vedanta Resources sr unsecur Ser144A priv plmt 7.125% /2023 (United Kingdom) (2) 750,000 711,007 0.59


PortugalBrisa Concessao Rodoviaria sr secured SerEMTN 6.875% /2018 (EUR) 500,000 668,047 0.55


New Zealand Beverage Packaging Holdings Luxembourg II secured RegS 9.5% /2017 (Luxembourg) (2) (EUR) 500,000 663,685 0.55


MexicoCemex sr secured Ser144A priv plmt 5.875% /2019 600,000 580,941 0.48


Australia FMG Resources August 2006 Proprietary co gtd Ser144A priv plmt 6.375% /2016 500,000 497,515 0.41


Russia Credit Bank of Moscow Via CBOM Finance subord Ser144A priv plmt 8.7% /2018 (Ireland) (2) 430,000 418,831 0.35




SpainOno Finance II co gtd RegS 11.125% /2019 (Ireland) (2) (EUR) 850,000 1,160,954 0.96 AG Spring Finance II sr secured RegS 9.5% /2019 (Ireland) (2) (EUR) 500,000 593,296 0.49 Nara Cable Funding sr secured Ser144@ 8.875% /2018 (Ireland) (2) 350,000 358,750 0.30


China CIFI Holdings Group co gtd 12.25% /2018 (Cayman Islands) (1) (2) 650,000 666,068 0.55 Sound Global sr unsecur 11.875% /2017 (Singapore) (2) 500,000 527,414 0.44 Powerlong Real Estate Holdings co gtd SerEMTN 11.25% /2018 (Cayman Islands) (2) 500,000 466,469 0.39 Country Garden Holdings co gtd RegS 7.5% /2023 (Cayman Islands) (2) 300,000 277,591 0.23


Italy Wind Acquisition Finance secured RegS 11.75% /2017 (Luxembourg) (2) (EUR) 750,000 1,018,752 0.85 TeamSystem Holding sr secured RegS 7.375% /2020 (EUR) 400,000 495,532 0.41


Singapore Global A&T Electronics sr secured Ser144A priv plmt 10% /2019 (Cayman Islands) (2) 900,000 915,750 0.76 Pacnet sr secured RegS 9.25% /2015 (Bermuda) (2) 500,000 507,380 0.42


Belgium LBC Tank Terminals Holding Netherlands co gtd Ser144A priv plmt 6.875% /2023 (Netherlands) (2) 750,000 745,312 0.62 Ontex IV co gtd RegS 9% /2019 (Luxembourg) (2) (EUR) 400,000 526,421 0.44


Germany KION Finance sr secured RegS 6.75% /2020 (Luxembourg) (2) (EUR) 400,000 559,747 0.46 Hellenic Petroleum Finance co gtd SerEMTN 8% /2017 (United Kingdom) (2) (EUR) 200,000 262,820 0.22 Trionista TopCo subord RegS 6.875% /2021 (EUR) 175,000 226,873 0.19




Investments



value% of net

assets





DERIVATIVES



Maturity date

Amount bought Ccy



USD% of net

assets

05/07/2013 825,000 EUR 1,063,780 USD Westpac Bank 11,212 0.01 05/07/2013 960,000 EUR 1,246,398 USD Deutsche Bank 4,502 0.00 05/07/2013 636,694 USD 480,000 EUR Westpac Bank 11,245 0.01





05/07/2013 730,000 EUR 955,985 USD Westpac Bank (4,780) 0.00 05/07/2013 1,036,205 USD 800,000 EUR Commonwealth Bank (6,212) (0.01)19/07/2013 715,000 GBP 1,119,291 USD RBC (31,620) (0.03)









(1) All or part of this position is out on loan.(2) The country in brackets represents the country of incorporation of this security.(5) Variable coupon rates are those quoted as of 30 June 2013.




United States of America GNMAI TBA 30 Years 3.5% /2043 23,020,000 23,505,578 8.18 FNMA TBA 30 Years 3.5% /2043 15,767,000 15,941,914 5.54 GNMAII TBA 30 Years 3.5% /2043 8,979,000 9,171,207 3.19 Ally Master Owner Trust 2013-1 A2 1% /2018 6,960,000 6,937,223 2.41 RAMP Trust 2005-EFC4 Trust 0.783% /2035 (5) 8,731,000 6,425,950 2.23 Discover Card Execution Note Trust 2013-A3 A3 0.373% /2018 (5) 6,040,000 6,018,319 2.09 BCAP Trust 2007-AA3 1A1B 0.333% /2037 (5) 7,047,397 5,983,036 2.08 Deutsche Alt-B Securities Mortgage Loan Trust 2006-AB1 A2C 5.53% /2036 (5) 6,170,629 4,987,575 1.73 RAMP Trust 2006-RZ2 A3 0.463% /2036 (5) 5,175,000 4,474,918 1.56 GNMA 2013-71 IG 3.5% /2043 18,842,540 4,470,195 1.55 JP Morgan Alternative Loan Trust 2006-A5 1A1 0.353% /2036 (5) 5,793,955 4,278,966 1.49 Home Equity Asset Trust 2005-5 M3 0.723% /2035 (5) 5,465,000 4,160,936 1.45 Home Equity Mortgage Loan Asset-Backed Trust 2006-E 2A2 0.313% /2037 (5) 5,072,177 4,116,634 1.43 WaMu Mortgage Pass Through Certificates 2005-AR16 1A3 2.476% /2035 (5) 4,522,112 4,077,799 1.42 Countrywide Alternative Loan Trust 2005-J1 1A1 0.593% /2035 (5) 4,351,192 3,907,681 1.36 JP Morgan Alternative Loan Trust 2006-A6 2A6 5.95% /2036 (5) 6,073,417 3,874,846 1.35 GNMA 2012-138 AI 4% /2042 12,984,660 3,685,709 1.28 Countrywide Alternative Loan Trust 2005-86CB A8 5.5% /2036 3,650,885 3,394,700 1.18 RAMP Trust 2006-RZ5 A3 0.443% /2046 (5) 4,000,000 3,378,892 1.17 Banc of America Funding 2007-1 TA8 step cpn 5.847% /2037 3,841,251 3,132,886 1.09 GS Mortgage Securities II 2012-BWTR A 2.954% /2034 3,230,000 3,025,265 1.05 GS Mortgage Securities Trust 2012-ALOH A 3.551% /2034 3,000,000 2,974,853 1.03 Encore Credit Receivables Trust 2005-3 M3 0.703% /2035 (5) 3,745,000 2,897,746 1.01 FNMA TBA 30 Years 3% /2043 2,970,000 2,890,645 1.01 Opteum Mortgage Acceptance Trust 2006-1 1AC1 0.493% /2036 (5) 3,540,165 2,814,714 0.98 RBSSP Resecuritization Trust 2009-6 3A2 5.727% /2036 (5) 3,273,745 2,709,724 0.94 Home Equity Asset Trust 2006-3 M1 0.583% /2036 (5) 3,900,000 2,576,779 0.90 GNMA 2013-41 LI 4% /2041 15,680,292 2,559,267 0.89 Banc of America Funding 2006-G 2A1 Trust 0.412% /2036 (5) 2,775,468 2,468,963 0.86 Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 3A 2.257% /2035 (5) 2,468,284 2,293,650 0.80 Banc of America Alternative Loan Trust 2006-7 A5 step cpn 6.226% /2036 2,918,165 2,290,121 0.80 FHLMC Multifamily Structured Pass Through Certificates K027 X1 0.843% /2023 (5) 35,731,781 2,193,967 0.76 Deutsche Alt-A Securities Mortgage Loan Trust 2005-1 1A1 0.693% /2035 (5) 2,388,241 2,180,603 0.76 GNMA 2013-18 GI 3.5% /2041 12,927,923 2,164,578 0.75 Washington Mutual Mortgage Pass-Through Certificates 2006-AR6 2A 1.129% /2046 (5) 3,412,827 2,132,459 0.74JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9 AM 5.372% /2047 2,000,000 2,116,177 0.74 RALI Trust 2006-QS5 A6 6% /2036 2,579,009 2,086,862 0.73 CSMC Mortgage-Backed Trust 2006-8 4A1 6.5% /2021 2,420,758 2,058,139 0.72 Washington Mutual Mortgage Pass-Through Certificates 2006-AR5 4A 1.159% /2046 (5) 3,127,265 2,005,140 0.70

Global Mortgage Securities Fund

INVESTMENT AIM

To provide an attractive rate of return, measured in US dollars, through investment in a portfolio of mortgages and securitized debt instruments issued by government agencies and private institutions (“non-agency”) including mortgage-backed securities, asset-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities.



Investments



value% of net

assets



WaMu Mortgage Pass Through Certificates 2005-AR4 A5 2.447% /2035 (5) 2,116,000 1,937,447 0.67 Commercial Mortgage Trust 2013-SFS A2 2.987% /2035 (5) 2,000,000 1,865,822 0.65 GNMA 2013-71 IN 3.5% /2043 8,347,210 1,858,127 0.65 Merrill Lynch Mortgage Investors Trust Series MLCC 2006-1 2A1 2.201% /2036 (5) 1,912,492 1,786,156 0.62 GNMA 2013-41 PI 3.5% /2040 11,307,060 1,761,020 0.61 HarborView Mortgage Loan Trust 2006-7 0.392% /2046 (5) 2,123,656 1,616,320 0.56 GNMA 2013-4 IB 4.5% /2042 6,002,564 1,538,489 0.54 Countrywide Alternative Loan Trust 2005-46CB A14 5.5% /2035 1,585,150 1,533,318 0.53 RALI Trust 2006-QA10 A2 0.373% /2036 (5) 2,232,979 1,530,868 0.53 GNMA 2012-122 PI 4% /2042 7,743,331 1,527,245 0.53 JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDPX AM 5.464% /2049 (5) 1,500,000 1,505,785 0.52 CSMC Mortgage-Backed Trust 2007-3 1A3A 5.746% /2037 (5) 2,452,709 1,464,144 0.51 ChaseFlex Trust Series 2006-2 A4 5.745% /2036 (5) 1,504,880 1,428,263 0.50 FHLMC Multifamily Structured Pass Through Certificates KS01 X1 1.652% /2023 (5) 14,230,954 1,404,040 0.49 Banc of America Funding 2007-4 TA7 0.593% /2037 (5) 1,945,024 1,363,739 0.47 Washington Mutual Alternative Mortgage Pass-Through Certificates WMALT Series 2007-OC2 A1 0.293% /2037 (5) 1,940,244 1,362,181 0.47 American Home Mortgage Investment Trust 2005-1 8A2 step cpn 5.5% /2035 1,847,000 1,354,618 0.47 Banc of America Alternative Loan Trust 2005-10 1CB1 0.593% /2035 (5) 1,720,648 1,308,258 0.45 GNMA 2012-97 LS 6.508% /2042 (5) 5,677,980 1,302,080 0.45 ChaseFlex Trust Series 2007-2 A1 0.473% /2037 (5) 1,484,426 1,270,879 0.44 Banc of America Funding 2006-G 2A4 Trust 0.482% /2036 (5) 1,395,000 1,160,489 0.40 CHL Mortgage Pass-Through Trust Resecuritization 2008-2R A1 6% /2036 1,155,317 1,085,400 0.38 DBUBS Mortgage Trust 2011-LC3A PM3 5.098% /2044 (5) 1,000,000 1,084,060 0.38 Countrywide Alternative Loan Trust 2005-21CB A7 5.5% /2035 1,194,536 1,083,035 0.38 GS Mortgage Securities Trust 2012-GC6 AS 4.948% /2045 1,000,000 1,071,315 0.37 Lehman XS Trust Series 2005-1 3A3A step cpn 5.11% /2035 1,223,918 1,043,676 0.36 IndyMac INDX Mortgage Loan Trust 2006-AR3 2A1A 2.637% /2036 (5) 1,462,472 1,006,379 0.35 CD 2007-CD4 Commercial Mortgage Trust 5.366% /2049 (5) 1,000,000 1,005,893 0.35 GS Mortgage Securities II 2013-KYO B 1.643% /2029 (5) 1,000,000 1,001,106 0.35 Chase Issuance Trust 2012-A3 A3 0.79% /2017 1,000,000 1,000,129 0.35 Hyundai Auto Lease Securitization Trust 2013-A A2 0.51% /2015 1,000,000 1,000,118 0.35 Nissan Auto Lease Trust 2012-B A3 0.58% /2015 1,000,000 998,668 0.35 Ally Auto Receivables Trust 2012-4 A3 0.59% /2017 1,000,000 997,908 0.35

Citigroup Commercial Mortgage Trust 2.738% /2018 1,000,000 976,550 0.34 Citigroup Mortgage Loan Trust 2006-4 2A1A 6% /2035 1,025,427 941,025 0.33 VNO 2012-6AVE Mortgage Trust 2012-6AVE A 2.996% /2030 1,000,000 938,559 0.33 Washington Mutual Alternative Mortgage Pass-Through Certificates 2005-5 CB4 5.5% /2035 952,480 935,584 0.33 JPMBB Commercial Mortgage Securities Trust 2013-C12 AS 4.027% /2045 (5) 945,000 935,361 0.33 FHLMC Multifamily Structured Pass Through Certificates K026 X1 1.054% /2022 (5) 11,846,336 901,210 0.31 RALI Trust 2006-QS16 A7 6% /2036 1,093,498 854,653 0.30 Nationstar Agency Advance Funding Trust 2013-T2A AT2 1.892% /2048 850,000 818,134 0.28 Impac CMB Trust Series 2004-11 2A1 0.853% /2035 (5) 901,248 815,392 0.28 GNMA 2013-60 IO 3.5% /2043 4,012,913 806,716 0.28 WaMu Mortgage Pass Through Certificates 2006-AR7 2A 1.149% /2046 (5) 1,023,394 781,930 0.27 IndyMac INDX Mortgage Loan Trust 2004-AR11 2A 2.563% /2034 (5) 786,939 751,715 0.26 Countrywide Alternative Loan Trust 2004-29CB A10 0.693% /2035 (5) 817,794 740,695 0.26Springleaf Mortgage Loan Trust 2013-1A M1 2.31% /2058 (5) 720,000 722,351 0.25 Ford Credit Floorplan Master Owner Trust 2013-1 A1 0.85% /2018 720,000 717,331 0.25 CitiMortgage Alternative Loan Trust Series 2007-A3 1A2 0.793% /2037 (5) 1,118,466 704,144 0.24 Adjustable Rate Mortgage Trust 2005-7 7A21 0.443% /2035 (5) 828,001 699,440 0.24 GS Mortgage Securities II 2013-KYO D 2.793% /2029 (5) 690,000 691,070 0.24 Chase Mortgage Finance Trust Series 2007-S1 A4 0.793% /2037 (5) 880,527 682,502 0.24 GNMA 2012-140 IC 3.5% /2042 2,574,870 654,134 0.23 Extended Stay America Trust 2013-ESH C7 3.902% /2031 670,000 643,749 0.22 Wells Fargo Mortgage Backed Securities 2006-AR8 2A3 Trust 2.721% /2036 (5) 676,266 635,279 0.22 Impac CMB Trust Series 2003-4 3M2 step cpn 5.264% /2033 628,422 610,617 0.21 JP Morgan Chase Commercial Mortgage Series Trust 2013-FL3 E 3.943% /2028 (5) 600,000 588,728 0.20 Banc of America Alternative Loan Trust 2005-8 2CB1 6% /2035 626,251 578,824 0.20 RALI Trust 2006-QA10 A1 Trust 0.378% /2036 (5) 839,232 575,692 0.20 Banc of America Funding 2006-3 5A5 Trust 5.5% /2036 582,325 572,464 0.20 Springleaf Mortgage Loan Trust 2013-1A M2 3.14% /2058 (5) 540,000 542,654 0.19 JP Morgan Mortgage Trust Series 2008-R2 1A1 2.37% /2037 (5) 623,513 536,221 0.19 FHLMC Multifamily Structured Pass Through Certificates K712 X1 1.395% /2019 (5) 7,137,115 508,555 0.18 Commercial Mortgage Trust 2013-LC6 C 4.242% /2046 (5) 530,000 498,258 0.17 RFMSI Series 2007-S4 A5 Trust 6% /2037 (5) 517,897 484,730 0.17 Residential Asset Securitization Trust 2006-A14C 1A2 6.25% /2036 585,421 483,272 0.17 GNMA 2013-41 IC 3.5% /2043 1,909,385 480,295 0.17 JP Morgan Mortgage Trust 2005-A6 1A2 3.061% /2035 (5) 510,000 477,512 0.17 GNMA 2013-41 IB 4% /2043 1,781,816 470,034 0.16 Countrywide Alternative Loan Trust 2005-21CB A3 5.25% /2035 524,117 468,604 0.16 STARM Mortgage Loan Trust 2007-4 3A1 5.637% /2037 (5) 474,389 430,347 0.15




Investments



value% of net

assets



Investments



value% of net

assets





JP Morgan Alternative Loan Trust 2006-S4 A4 step cpn 5.96% /2036 515,000 429,554 0.15 RALI Trust 2006-QS4 A9 6% /2036 521,022 426,753 0.15 Citigroup Commercial Mortgage Trust 2007-C6 AM 5.696% /2049 (5) 388,000 423,776 0.15 Citigroup Commercial Mortgage Trust 2013-SMP X-A 0% /2030 13,251,417 420,620 0.15 Fannie Mae REMICS 2012-131 PS 5.457% /2041 (5) 2,224,678 414,831 0.14 FHLMC Multifamily Structured Pass Through Certificates K502 X1A 1.742% /2017 (5) 7,789,056 407,344 0.14 Countrywide Alternative Loan Trust 2005-J5 5.5% /2035 469,919 406,809 0.14 Impac CMB Trust Series 2004-5 1M1 0.988% /2034 (5) 432,595 401,399 0.14 Prime Mortgage Trust 2006-2 1A14 6.25% /2036 444,415 399,779 0.14 WFRBS Commercial Mortgage Trust 2013-C13 XA 1.495% /2045 (5) 4,026,197 394,442 0.14 GreenPoint MTA Trust 2005-AR1 A3 0.473% /2045 (5) 893,503 391,820 0.14 Banc of America Funding 2007-2 1A7 5.75% /2037 440,604 391,462 0.14 Fannie Mae REMICS 2013-20 SE 5.957% /2043 (5) 1,649,110 371,546 0.13 American Home Mortgage Investment Trust 2007-A 13A1 step cpn 6.1% /2037 556,498 371,232 0.13 JP Morgan Alternative Loan Trust 2006-S1 1A16 6% /2036 427,680 370,803 0.13 Wells Fargo Mortgage Backed Securities 2006-AR11 A6 Trust 2.83% /2036 (5) 391,060 365,152 0.13 JP Morgan Mortgage Trust 2007-A2 3A2 5.283% /2037 (5) 420,267 365,022 0.13 BWAY 2013-1515 A1 Mortgage Trust 2.809% /2033 377,339 364,698 0.13 JP Morgan Alternative Loan Trust 2006-A3 2A1 2.690% /2036 (5) 502,263 358,172 0.12 American Tower Trust I secured Ser144A priv plmt 1.551% /2018 360,058 355,096 0.12 GS Mortgage Securities II 2013-KING XA 0.729% /2027 (5) 8,616,372 339,093 0.12 Fannie Mae REMICS 2013-20 QS 5.957% /2043 (5) 1,516,057 337,627 0.12 Fannie Mae REMICS 2012-29 SJ 6.257% /2042 (5) 1,277,729 332,302 0.12 Citigroup Commercial Mortgage Trust 2.11% /2018 328,546 330,379 0.11 Countrywide Alternative Loan Trust 2008-2R 4A1 6.25% /2037 421,113 324,728 0.11 Commercial Mortgage Trust 2013-SFS A1 1.873% /2035 330,225 318,857 0.11 Countrywide Alternative Loan Trust 2006-28CB A19 0.593% /2036 (5) 567,937 316,147 0.11 WaMu Mortgage Pass Through Certificates 2005-AR7 A3 2.425% /2035 (5) 340,000 309,569 0.11 Countrywide Alternative Loan Trust 2005-85CB 2A2 5.5% /2036 341,337 307,171 0.11 Wells Fargo Mortgage Backed Securities 2007-7 A6 Trust 6% /2037 312,294 306,787 0.11 Residential Asset Securitization Trust 2005-A12 A10 0.643% /2035 (5) 370,534 303,710 0.11 JP Morgan Chase Commercial Mortgage Series Trust 2013-LC11 XB 0.588% /2046 (5) 6,000,000 280,482 0.10

Washington Mutual Alternative Mortgage Pass-Through Certificates 2006-5 2CB1 6% /2036 382,815 278,051 0.10 Merrill Lynch Mortgage Investors Trust Series MLCC 2005-1 2A2 2.216% /2035 (5) 276,841 272,699 0.09 WaMu Mortgage Pass Through Certificates 2007-OA4 1A 0.939% /2047 (5) 298,222 252,976 0.09 Nationstar Agency Advance Funding Trust 2013-T2A CT2 3.228% /2048 250,000 250,288 0.09 Lehman Mortgage Trust 2006-1 3A5 5.5% /2036 236,516 233,433 0.08 WaMu Mortgage Pass Through Certificates 2006-AR8 1A1 2.557% /2046 (5) 278,792 229,286 0.08 Fannie Mae REMICS 2013-12 SI 5.957% /2043 (5) 936,851 220,094 0.08 Wells Fargo Mortgage Backed Securities 2005-AR8 2A1 Trust 2.710% /2035 (5) 214,202 215,861 0.08 Wells Fargo Mortgage Backed Securities 2006-AR10 Trust 2.611% /2036 (5) 232,244 205,236 0.07 Citigroup Mortgage Loan Trust 2006-AR1 2A1 2.57% /2036 (5) 225,529 203,633 0.07 JP Morgan Alternative Loan Trust 2006-S1 1A13 6% /2036 230,284 199,658 0.07 JP Morgan Mortgage Acquisition Trust 2006-CH2 AF4 step cpn 5.356% /2036 250,000 195,681 0.07 First Horizon Alternative Mortgage Securities Trust 2005-FA2 1A1 0.693% /2035 (5) 247,951 194,009 0.07 CHL Mortgage Pass-Through Trust 2007-13 A6 6% /2037 210,813 192,134 0.07 JP Morgan Mortgage Trust 2006-A3 3A4 2.792% /2036 (5) 216,826 191,646 0.07 Extended Stay America Trust 2013-ESH A27 2.958% /2031 190,000 185,650 0.06 Banc of America Alternative Loan Trust 2005-1 1CB4 5.5% /2035 194,000 183,551 0.06 Banc of America Alternative Loan Trust 2006-7 A3 5.913% /2036 (5) 222,761 171,332 0.06 GTP Acquisition Partners I Ser144A priv plmt 4.704% /2018 170,000 168,238 0.06 Countrywide Alternative Loan Trust 2006-25CB A2 6% /2036 188,126 168,008 0.06 GSMSC Pass-Through Trust 2008-2R 1A1 7.5% /2036 (5) 178,507 164,226 0.06 GNMA 2012-128 IG 3.5% /2042 584,163 151,309 0.05 Countrywide Alternative Loan Trust 2006-19CB A15 6% /2036 170,903 146,148 0.05 Citigroup Mortgage Loan Trust 2005-8 1A1A 2.774% /2035 (5) 166,465 135,857 0.05 JP Morgan Alternative Loan Trust 2006-S3 A3A step cpn 6% /2036 135,668 122,161 0.04 Countrywide Alternative Loan Trust Resecuritization 2008-2R 2A1 6% /2037 150,642 121,166 0.04 Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OC2 A3 0.503% /2037 (5) 159,360 113,865 0.04 Queens Center Mortgage Trust 2013-QCA D 3.474% /2037 (5) 135,000 113,354 0.04 Impac CMB Trust Series 2004-5 1A1 0.913% /2034 (5) 113,020 109,945 0.04 Fannie Mae REMICS 2013-12 SP 5.457% /2041 (5) 576,786 109,003 0.04 Banc of America Funding 2005-7 3A8 Trust 5.5% /2035 105,000 104,396 0.04 Banc of America Funding 2006-2 2A9 Trust 6% /2036 105,000 102,387 0.04 GSR Mortgage Loan Trust 2005-AR5 2A3 2.794% /2035 (5) 115,332 100,106 0.03 Countrywide Home Loan Mortgage Pass Through Trust 2003-J15 3A1 5% /2019 94,142 96,844 0.03 Freddie Mac REMICS 4141 ZG 3.5% /2042 84,924 81,999 0.03 FHLMC Multifamily Structured Pass Through Certificates K024 X1 0.905% /2022 (5) 957,831 61,143 0.02



Investments



value% of net

assets



Investments



value% of net

assets





Countrywide Alternative Loan Trust 2006-6CB 1A10 5.5% /2036 66,228 57,115 0.02 Citigroup Mortgage Loan Trust 2005-WF2 AF4 step cpn 4.964% /2035 53,231 52,418 0.02 GSR Mortgage Loan Trust 2005-AR3 6A1 2.779% /2035 (5) 47,650 42,803 0.01 Countrywide Alternative Loan Trust 2005-73CB 1A1 5.5% /2036 43,141 42,222 0.01 Banc of America Alternative Loan Trust 2006-7 A2 5.707% /2036 (5) 50,368 38,261 0.01 First Horizon Alternative Mortgage Securities Trust 2005-FA2 1A5 5.5% /2035 38,000 36,082 0.01 DSLA Mortgage Loan Trust 2006-AR1 2A1B 0.452% /2047 (5) 193,599 30,066 0.01 Washington Mutual Alternative Mortgage Pass-Through Certificates 2005-9 3CB 5.5% /2020 27,565 27,794 0.01 Countrywide Alternative Loan Trust 2006-6CB 1A2 0.593% /2036 (5) 32,343 21,235 0.01 RALI Trust 2006-QS4 A2 6% /2036 19,278 15,790 0.01 Banc of America Funding 2006-6 Trust 6.25% /2036 15,231 14,690 0.01 First Horizon Alternative Mortgage Securities Trust 2006-FA5 A3 6.25% /2036 16,045 13,537 0.00 First Horizon Alternative Mortgage Securities Trust 2006-FA3 A6 6% /2036 13,827 12,044 0.00 Countrywide Alternative Loan Trust 2005-46CB A2 5.5% /2035 8,990 8,552 0.00 Countrywide Alternative Loan Trust 2005-86CB A4 5.5% /2036 10,071 8,345 0.00 Countrywide Alternative Loan Trust 2006-14CB A2 0.593% /2036 (5) 4,744 2,922 0.00



Government Bonds

United States of America US Treasury Bill 0% 22/08/2013 23,900,000 23,897,635 8.31




DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

US 2yr T-note Future 09/2013 (25) (5,498,047) Goldman Sachs 6,643 0.00


US 5yr T-note Future 09/2013 587 70,871,081 Goldman Sachs (1,072,935) (0.37)US 10yr T-note Future 09/2013 246 31,019,063 Goldman Sachs (807,867) (0.28)US Long Bond Future 09/2013 64 8,628,000 Goldman Sachs (332,250) (0.12)


Net Unrealised Loss on Futures Contracts 105,020,0971 (2,206,409) (0.77)

1 Cash of USD 3,027,259 held as collateral by the counterparty.


Maturity date

Amount bought Ccy



USD% of net

assets









(5) Variable coupon rates are those quoted as of 30 June 2013.



Investments



value% of net

assets





Corporate Bonds

United States of America Procter & Gamble sr unsecur 4.875% /2027 100,000 160,188 1.56 Google sr unsecur 2.125% /2016 150,000 155,136 1.51 Philip Morris International sr unsecur SerEMTN 5.75% /2016 100,000 146,726 1.43 PNC Funding bnk gtd 3.3% /2022 150,000 145,133 1.41 McDonald’s sr unsecur SerMTN 2.625% /2022 150,000 144,143 1.41 AT&T sr unsecur 6.3% /2038 125,000 138,501 1.35 National Grid North America unsecur SerEMTN 1.75% /2018 100,000 130,798 1.27 International Business Machines sr unsecur 7.625% /2018 100,000 126,864 1.23 Wells Fargo & Co sr unsecur SerMTN 3.5% /2022 125,000 125,602 1.23 Wal-Mart Stores sr unsecur 6.5% /2037 100,000 125,083 1.22 General Mills sr unsecur 3.15% /2021 125,000 124,414 1.21 Norfolk Southern sr unsecur 4.837% /2041 125,000 124,241 1.21 JPMorgan Chase & Co sr unsecur SerEMTN 2.875% /2028 100,000 124,059 1.21 Coca-Cola sr unsecur 1.65% /2018 125,000 124,018 1.21 Virginia Electric and Power sr unsecur 2.95% /2022 125,000 123,169 1.20 Target sr unsecur 2.9% /2022 125,000 122,190 1.19 CSX sr unsecur 4.75% /2042 125,000 120,161 1.17 PepsiCo sr unsecur 2.75% /2022 125,000 119,597 1.16 Praxair sr unsecur 2.7% /2023 125,000 119,081 1.17 Enterprise Products Operating co gtd SerN 6.5% /2019 100,000 118,464 1.16 Pacific Gas & Electric sr unsecur 4.45% /2042 125,000 118,439 1.15 Colgate-Palmolive sr unsecur SerMTN 2.3% /2022 125,000 117,931 1.15 Burlington Northern Santa Fe sr unsecur 6.15% /2037 100,000 115,595 1.12 Apple sr unsecur 2.4% /2023 125,000 115,437 1.12 Home Depot sr unsecur 5.4% /2016 100,000 111,301 1.08 NBCUniversal Media co gtd 4.375% /2021 100,000 107,715 1.05 Travelers sr unsecur 3.9% /2020 100,000 106,373 1.03 Cisco Systems sr unsecur 3.15% /2017 100,000 105,829 1.03 CVS Caremark sr unsecur 4.125% /2021 100,000 105,475 1.03 Johnson & Johnson sr unsecur 4.5% /2040 100,000 102,416 1.00 United Parcel Service sr unsecur 3.125% /2021 100,000 101,293 0.98 Omnicom Group co gtd 3.625% /2022 100,000 96,709 0.94 American Express sr unsecur 8.125% /2019 75,000 96,703 0.94 Hershey sr unsecur 2.625% /2023 100,000 94,660 0.92 MetLife sr unsecur 7.717% /2019 75,000 93,769 0.91 Union Pacific sr unsecur 4.3% /2042 100,000 93,763 0.91 Intel sr unsecur 2.7% /2022 100,000 93,444 0.91 Microsoft sr unsecur 2.375% /2023 100,000 92,699 0.90 NIKE sr unsecur 2.25% /2023 100,000 92,101 0.90 Simon Property Group sr unsecur 2.75% /2023 100,000 91,839 0.88 Oracle sr unsecur 5.75% /2018 75,000 87,267 0.85 Bristol-Myers Squibb sr unsecur 3.25% /2042 100,000 80,517 0.78 Time Warner co gtd 4.75% /2021 75,000 80,289 0.77 Pfizer sr unsecur SerINTL 4.55% /2017 50,000 73,715 0.72 Merck & Co sr unsecur 1.1% /2018 75,000 72,393 0.69 3M sr unsecur SerMTN 2% /2022 75,000 70,404 0.68 US Bancorp subord SerMTN 2.95% /2022 75,000 69,860 0.68 Verizon Communications sr unsecur 6.35% /2019 50,000 59,211 0.58 General Electric Capital sr unsecur SerMTN 5.875% /2038 50,000 54,021 0.52 Chevron sr unsecur 3.191% /2023 50,000 49,548 0.48 Amazon.com sr unsecur 1.2% /2017 50,000 48,383 0.46 Merck & Co sr unsecur 2.8% /2023 50,000 47,273 0.46 General Electric Capital sr unsecur SerGMTN 3.1% /2023 50,000 47,006 0.46


Global Premier Credit Fund

INVESTMENT AIM

To provide an attractive rate of return, measured in US dollars, primarily through investment in a concentrated portfolio of fixed income securities of high quality issued by corporations and non-government related issuers organised or operating in both developed and emerging markets and denominated in global currencies.



Investments



value% of net

assets




United Kingdom Imperial Tobacco Finance co gtd SerEMTN 7.75% /2019 75,000 142,090 1.38 BAT International Finance co gtd SerEMTN 3.625% /2021 100,000 141,075 1.37 Rolls-Royce nts SerEMTN 2.125% /2021 100,000 129,691 1.26 Standard Chartered sr unsecur SerEMTN 1.75% /2017 100,000 129,640 1.26 HSBC Holdings sr unsecur 4% /2022 125,000 127,407 1.24 GlaxoSmithKline Capital co gtd 2.85% /2022 125,000 119,690 1.16 Vodafone Group sr unsecur SerEMTN 6.25% /2016 75,000 110,429 1.07 Barclays Bank sr unsecur 5.125% /2020 100,000 110,304 1.07 Diageo Capital co gtd 1.5% /2017 100,000 99,067 0.97 GlaxoSmithKline Capital co gtd 4.2% /2043 (United States of America) (2) 75,000 69,815 0.69


France Sanofi sr unsecur 4% /2021 125,000 133,256 1.30 Danone sr unsecur SerEMTN 1.25% /2018 100,000 128,637 1.25 Orange sr unsecur SerEMTN 5% /2016 70,000 115,045 1.12 LVMH Moet Hennessy Louis Vuitton sr unsecur Ser144A priv plmt 1.625% /2017 100,000 98,221 0.96 GDF Suez sr unsecur SerEMTN 6.125% /2021 50,000 90,926 0.88 BNP Paribas bnk gtd SerBKNT 5% /2021 75,000 79,403 0.77


Germany RWE Finance co gtd SerEMTN 6.625% /2019 (Netherlands) (2) 100,000 161,439 1.57 Siemens Financieringsmaatschappij co gtd SerEMTN 1.75% /2021 (Netherlands) (2) 100,000 127,301 1.24 Linde Finance co gtd SerEMTN 5.875% /2023 (Netherlands) (2) 50,000 91,816 0.89 SAP sr unsecur SerEMTN 2.125% /2019 50,000 64,693 0.63


Japan Sumitomo Mitsui Banking sr unsecur Ser144A priv plmt 2.65% /2017 200,000 204,645 1.99 Nippon Telegraph & Telephone 1.4% /2017 100,000 98,363 0.96


Switzerland Roche Holdings co gtd SerEMTN 6.5% /2021 (United States of America) (2) 75,000 128,232 1.25 Novartis Capital co gtd 4.4% /2020 (United States of America) (2) 100,000 110,610 1.07


Taiwan TSMC Global co gtd Ser144A priv plmt 1.625% /2018 (British Virgin Islands) (2) 200,000 192,060 1.87



China Want Want China Finance co gtd Ser144A priv plmt 1.875% /2018 (Cayman Islands) (2) 200,000 187,877 1.83


Norway DNB Bank sr unsecur RegS 4.375% /2021 100,000 148,267 1.44


Sweden Nordea Bank sr unsecur SerEMTN 4% /2019 100,000 145,238 1.41


Australia Commonwealth Bank of Australia sr unsecur SerEMTN 4.25% /2018 100,000 145,142 1.41


Luxembourg Nestle Finance International co gtd SerEMTN 1.5% /2019 100,000 129,626 1.26


Israel Teva Pharmaceutical Finance IV co gtd 3.65% /2021 (Curacao) (2) 125,000 125,549 1.22


Belgium Anheuser-Busch InBev co gtd SerEMTN 8.625% /2017 75,000 123,281 1.20


Canada Toronto-Dominion Bank sr unsecur SerMTN 1.4% /2018 75,000 72,598 0.69 Toronto-Dominion Bank sr unsecur SerGMTN 2.5% /2016 40,000 41,447 0.41


Netherlands Unilever Capital co gtd 4.25% /2021 (United States of America) (2) 100,000 109,112 1.06







Investments



value% of net

assets

Investments



value% of net

assets



DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro Bund Future 09/2013 (3) (551,330) Goldman Sachs 8,118 0.08 US 5yr T-note Future 09/2013 (3) (362,203) Goldman Sachs 7,313 0.07 US 10yr T-note Future 09/2013 (2) (252,187) Goldman Sachs 8,609 0.08


Canada 10 Year Bond Future 09/2013 1 124,541 Goldman Sachs (3,746) (0.04)Long Gilt Future 09/2013 1 169,590 Goldman Sachs (5,568) (0.05)US Treasury Ultra Bond Future 09/2013 4 581,750 Goldman Sachs (37,094) (0.36)


Net Unrealised Loss on Futures Contracts (289,839)1 (22,368) (0.22)



Maturity date

Amount bought Ccy



USD% of net

assets

02/07/2013 233,342 USD 245,000 CAD RBC 403 0.00 05/07/2013 90,000 EUR 116,049 USD Westpac Bank 1,223 0.01 05/07/2013 106,586 USD 80,000 EUR Westpac Bank 2,344 0.03 10/07/2013 112,920 USD 105,000 CHF Deutsche Bank 1,727 0.02


EUR Hedged Share Class05/07/2013 268,891 EUR 351,990 USD J.P. Morgan (1,619) (0.02)



02/07/2013 245,000 CAD 236,801 USD RBC (3,862) (0.04)08/07/2013 5,000 AUD 4,824 USD Westpac Bank (246) 0.00 16/07/2013 835,000 NOK 144,387 USD Deutsche Bank (7,053) (0.08)19/07/2013 34,000 GBP 53,225 USD RBC (1,504) (0.01)19/07/2013 95,000 GBP 146,631 USD Commonwealth Bank (2,115) (0.02)26/07/2013 26,000,000 JPY 273,699 USD State Street (11,252) (0.11)02/08/2013 245,000 CAD 233,149 USD RBC (389) 0.00








assets



Pay fixed rate 3.030% Receive floating rate USD LIBOR 3 months USD 510,000 14/05/2043






(2) The country in brackets represents the country of incorporation of this security.



Short Maturity Euro Bond Fund

Bonds

ItalyItaly Buoni Poliennali Del Tesoro 3.75% /2015 21,800,000 22,437,301 4.18 Italy Buoni Poliennali Del Tesoro 3% /2015 19,100,000 19,413,183 3.61 Italy Buoni Poliennali Del Tesoro 4.25% /2014 15,000,000 15,445,110 2.88 Italy Buoni Poliennali Del Tesoro 4.25% /2015 14,800,000 15,357,153 2.86 Italy Buoni Poliennali Del Tesoro 3% /2015 13,000,000 13,202,709 2.46 Italy Buoni Poliennali Del Tesoro 4.5% /2015 10,450,000 10,911,263 2.03 Intesa Sanpaolo sr unsecur SerEMTN 3.5% 27/11/2013 3,500,000 3,539,743 0.66 UniCredit sr unsecur SerEMTN 5.25% 14/01/2014 (1) 3,000,000 3,070,530 0.57 Finmeccanica Finance co gtd SerEMTN 8.125% 03/12/2013 (Luxembourg) (2) 2,700,000 2,772,482 0.52 Banco Popolare covered RegS 4.75% /2016 2,300,000 2,401,969 0.45 Banca Monte dei Paschi di Siena covered SerEMTN 4.875% /2016 2,200,000 2,245,942 0.42 Enel Finance International co gtd SerGMTN 4.625% /2015 (Netherlands) (2) 1,600,000 1,692,602 0.31 Luxottica Group co gtd 4% /2015 1,500,000 1,595,698 0.30 Enel Finance International co gtd SerEMTN 4.125% /2017 (Netherlands) (1) (2) 1,500,000 1,584,258 0.30 Banca Monte dei Paschi di Siena sr unsecur SerEMTN 4.5% 07/03/2014 1,200,000 1,203,234 0.22 Telecom Italia sr unsecur SerEMTN 4.625% /2015 1,000,000 1,049,830 0.19 Snam sr unsecur SerEMTN 2% /2015 650,000 657,018 0.12 Snam sr unsecur SerEMTN 2.375% /2017 (1) 650,000 652,095 0.12 Intesa Sanpaolo Bank Ireland bnk gtd SerEMTN 4% 08/08/2013 (Ireland) (2) 600,000 601,995 0.11 Telecom Italia sr unsecur SerEMTN 4.5% /2017 500,000 514,488 0.10 Telecom Italia sr unsecur RegS 5.125% /2016 (1) 400,000 423,237 0.08 Telecom Italia sr unsecur SerEMTN 7% /2017 (1) 350,000 390,314 0.07


FranceFrench Treasury Note BTAN nts 2% /2015 26,200,000 27,057,644 5.04Government of France OAT 3% /2015 17,500,000 18,536,000 3.45 Caisse d’Amortissement de la Dette Sociale unsecur SerEMTN 1.875% /2015 5,000,000 5,120,575 0.95 BPCE sr unsecur SerEMTN 2% /2018 3,700,000 3,709,714 0.69 RCI Banque sr unsecur SerEMTN 4% 11/07/2013 3,500,000 3,502,433 0.65 Société Générale sr unsecur SerEMTN 4% /2016 (1) 2,300,000 2,468,022 0.46 AXA sr unsecur SerEMTN 4.5% /2015 2,300,000 2,429,915 0.45 Agence Francaise de Developpement sr unsecur SerEMTN 1.106% /2015 (5) 2,400,000 2,420,736 0.45 BNP Paribas Home Loan covered SerEMTN 4.125% 15/01/2014 2,000,000 2,041,550 0.38 Societe Fonciere Lyonnaise sr unsecur 4.625% /2016 1,900,000 2,030,951 0.38 Vivendi sr unsecur SerEMTN 3.5% /2015 1,800,000 1,887,646 0.35 Compagnie de Saint-Gobain sr unsecur SerEMTN 3.5% /2015 1,725,000 1,812,120 0.34 BNP Paribas sr unsecur SerEMTN 0.49% 20/12/2013 (5) 1,750,000 1,751,907 0.33 Danone sr unsecur SerEMTN 1.25% /2018 1,700,000 1,678,290 0.31 Societe Des Autoroutes Paris-Rhin-Rhone sr unsecur SerEMTN 1.043% /2016 (5) 1,500,000 1,503,922 0.28 RCI Banque sr unsecur SerEMTN 5.625% /2015 1,400,000 1,485,756 0.28 Banque Federative du Credit Mutuel sr unsecur SerEMTN 3% /2015 (1) 1,300,000 1,357,273 0.25 Banque PSA Finance sr unsecur SerEMTN 6% /2014 1,150,000 1,181,677 0.22

INVESTMENT AIM

To provide an attractive rate of return, measured in Euro, through market and instrument selection. This objective will be achieved by investing in high quality fixed income securities denominated in the Euro. The Fund will invest primarily, in order to reduce volatility, in individual securities with maturity dates having a maximum unexpired term of five years.



Investments


specifiedMarket

value% of net

assets



Carrefour sr unsecur SerEMTN 1.875% /2017 1,000,000 1,001,021 0.19 GELF Bond Issuer I co gtd SerEMTN 3.125% /2018 (Luxembourg) (2) 950,000 943,860 0.18 Société Générale sr unsecur SerEMTN 3.75% /2014 (1) 750,000 776,235 0.15 Banque PSA Finance sr unsecur RegS 3.875% /2015 700,000 705,309 0.13 Banque PSA Finance sr unsecur SerEMTN 3.625% 17/09/2013 600,000 601,686 0.11 Socram Banque sr unsecur 2.125% /2016 600,000 599,964 0.11 Unibail-Rodamco sr unsecur SerEMTN 1.625% /2017 575,000 576,246 0.11


Spain Government of Spain 4% /2015 9,250,000 9,519,813 1.77 Government of Spain 3.3% /2014 6,500,000 6,617,608 1.23 Fondo de Reestructuracion Ordenada Bancaria govt gtd 4.4% 21/10/2013 5,000,000 5,050,200 0.94 Government of Spain sr unsecur 5.5% /2017 4,300,000 4,636,368 0.86 Government of Spain 4.25% /2016 4,300,000 4,446,611 0.83 Government of Spain 3% /2015 4,200,000 4,247,208 0.79 Fondo de Reestructuracion Ordenada Bancaria govt gtd 4.5% 03/02/2014 3,800,000 3,868,495 0.72 Santander International Debt bnk gtd 4.375% /2014 3,500,000 3,607,397 0.67 Gas Natural Capital Markets co gtd Ser8 3.375% /2015 (1) 3,000,000 3,090,472 0.58 Santander Consumer Finance sr unsecur 3.25% 20/06/2014 2,600,000 2,641,447 0.49 BBVA Senior Finance bnk gtd SerEMTN 3.625% /2014 2,500,000 2,560,263 0.48 Banco Bilbao Vizcaya Argentaria covered 3.75% 04/10/2013 2,500,000 2,520,062 0.47 BBVA Senior Finance co gtd SerGMTN 3.25% /2016 (1) 2,500,000 2,510,733 0.47 CaixaBank sr unsecur SerEMTN 3.25% /2016 (1) 2,100,000 2,111,920 0.39 CaixaBank covered 3.125% 16/09/2013 2,000,000 2,009,420 0.38 Amadeus Capital Markets co gtd SerEMTN 4.875% /2016 1,775,000 1,941,139 0.36 Iberdrola Finanzas co gtd SerEMTN 4.75% /2016 800,000 862,769 0.16 Prosegur Cia de Seguridad sr unsecur SerEMTN 2.75% /2018 700,000 695,784 0.13 Ferrovial Emisiones co gtd RegS 3.375% /2018 250,000 254,603 0.05


Germany Bundesrepublik Deutschland Ser160 2.75% /2016 21,000,000 22,409,993 4.17 Bundesrepublik Deutschland Ser05 3.5% /2016 (1) 18,100,000 19,556,842 3.64 Deutsche Telekom International Finance co gtd SerEMTN 4.5% 25/10/2013 (Netherlands) (2) 3,250,000 3,292,380 0.61 BMW Finance co gtd SerEMTN 8.875% 19/09/2013 (Netherlands) (1) (2) 2,000,000 2,036,950 0.38 Merck Financial Services co gtd SerEMTN 4.875% 27/09/2013 2,000,000 2,021,190 0.38 RWE Finance co gtd SerEMTN 4.625% /2014 (Netherlands) (2) 1,750,000 1,825,038 0.34

SAP sr unsecur SerEMTN 1% /2015 1,375,000 1,379,318 0.26 Volkswagen International Finance co gtd SerEMTN 3.5% /2015 (Netherlands) (1) (2) 1,200,000 1,251,744 0.23 MAN sr unsecur SerEMTN 1% /2015 900,000 904,622 0.17


United Kingdom Nationwide Building Society sr unsecur SerEMTN 3.75% /2015 4,400,000 4,574,304 0.85 Imperial Tobacco Finance co gtd SerEMTN 4.375% 22/11/2013 4,250,000 4,313,325 0.80 Yorkshire Building Society covered SerEMTN 3.25% /2015 3,000,000 3,162,823 0.59 Standard Chartered sr unsecur 3.875% /2016 2,800,000 3,002,560 0.56 Abbey National Treasury Services covered SerEMTN 3.625% /2016 2,200,000 2,386,329 0.44 Anglo American Capital co gtd SerEMTN 4.375% /2016 2,000,000 2,178,487 0.41 British American Tobacco Holdings co gtd SerEMTN 4.375% /2014 (Netherlands) (2) 2,000,000 2,091,448 0.39 WPP 2008 co gtd 4.375% 05/12/2013 (1) 2,000,000 2,031,760 0.38 Anglian Water Services Financing sr secured SerEMTN 4.625% 07/10/2013 2,000,000 2,022,630 0.38 FCE Bank sr unsecur SerEMTN 7.25% 15/07/2013 2,000,000 2,004,410 0.37 Barclays Bank sr unsecur SerEMTN 4.125% /2016 1,700,000 1,829,828 0.34 Barclays Bank sr unsecur SerEMTN 5.25% 27/05/2014 (1) 1,500,000 1,564,230 0.29 Co-operative Bank sr unsecur SerEMTN 2.375% /2015 1,500,000 1,358,152 0.25 SABMiller sr unsecur SerEMTN 4.5% /2015 1,100,000 1,163,868 0.22 Royal Bank of Scotland sr unsecur SerEMTN 5.75% 21/05/2014 (1) 1,100,000 1,149,401 0.21 Anglo American Capital co gtd SerEMTN 4.25% 30/09/2013 1,000,000 1,009,415 0.19 BG Energy Capital co gtd SerEMTN 3.375% 15/07/2013 1,000,000 1,001,000 0.19 National Grid USA sr unsecur SerEMTN 3.25% /2015 (United States of America) (2) 600,000 627,159 0.12 Rentokil Initial co gtd SerEMTN 4.625% 27/03/2014 450,000 462,474 0.09 Leek Finance 17X A2C 0.492% /2037 (5) 220,182 225,719 0.04 Royal Bank of Scotland sr unsecur SerEMTN 5.375% /2019 200,000 225,178 0.04 Standard Chartered sr unsecur SerEMTN 1.75% /2017 225,000 223,858 0.04


United States of America Merrill Lynch & Co sr unsecur SerEMTN 0.499% 30/05/2014 (5) 4,000,000 3,991,200 0.74 Goldman Sachs Group sr unsecur RegS 4.5% /2016 (1) 3,500,000 3,769,787 0.70 Citigroup sr unsecur SerEMTN 4% /2015 2,000,000 2,129,163 0.40 Caterpillar International Finance co gtd SerEMTN 0.498% /2016 (Ireland) (2) (5) 2,000,000 2,000,690 0.37 JPMorgan Chase & Co sr unsecur SerEMTN 6.125% 01/04/2014 1,800,000 1,876,275 0.35 SES Global Americas Holdings co gtd SerEMTN 4.875% /2014 1,800,000 1,874,593 0.35 CRH Finance co gtd SerEMTN 7.375% 28/05/2014 (Ireland) (2) 1,650,000 1,746,467 0.32 John Deere Bank co gtd SerEMTN 3.25% /2016 (Luxembourg) (2) 1,600,000 1,707,448 0.32 PACCAR Financial Europe sr unsecur SerEMTN 3% 19/05/2014 (Netherlands) (2) 1,500,000 1,532,183 0.29 GE Capital European Funding co gtd SerEMTN 1.25% /2015 (Ireland) (2) 1,500,000 1,511,053 0.28



Investments


specifiedMarket

value% of net

assets

Investments


specifiedMarket

value% of net

assets

Bonds (continued)

France (continued)

Bonds (continued)

Germany (continued)



National Grid North America unsecur SerEMTN 1.75% /2018 1,500,000 1,505,726 0.28 Wachovia sr unsecur SerEMTN 0.353% 13/02/2014 (1) (5) 1,000,000 1,000,860 0.19 PACCAR Financial Europe sr unsecur SerEMTN 0.594% /2016 (Netherlands) (2) (5) 900,000 900,104 0.17


Netherlands Repsol International Finance co gtd SerEMTN 5% 22/07/2013 4,500,000 4,509,675 0.84 Achmea Hypotheekbank sr unsecur SerEMTN 2% /2018 3,400,000 3,326,133 0.62 Koninklijke KPN sr unsecur SerGMTN 6.25% 16/09/2013 2,500,000 2,529,763 0.47 Cooperatieve Centrale Raiffeisen-Boerenleenbank sr unsecur SerEMTN 3.875% /2016 (1) 2,350,000 2,529,348 0.47 ABN AMRO Bank sr unsecur SerEMTN 4.25% /2016 2,000,000 2,158,228 0.40 ING Bank covered SerEMTN 3% /2014 2,000,000 2,063,102 0.39 LeasePlan sr unsecur SerEMTN 2.603% 13/11/2013 (5) 1,800,000 1,814,742 0.34 Fortis Bank Nederland sr unsecur SerEMTN 4.625% /2014 900,000 937,908 0.17 ING Bank sr unsecur SerEMTN 2.125% /2015 900,000 918,945 0.17 LeasePlan sr unsecur SerEMTN 4.125% /2015 800,000 836,766 0.16 ABN AMRO Bank sr unsecur SerEMTN 2.75% 29/10/2013 750,000 756,023 0.14 LeasePlan sr unsecur RegS 3.75% 07/08/2013 750,000 752,445 0.14 Nederlandse Gasunie sr unsecur SerEMTN 0.875% /2015 625,000 626,146 0.12 Allianz Finance II co gtd SerEMTN 1.375% /2018 600,000 598,388 0.11 Paccar Financial Europe sr unsecur SerEMTN 1.375% /2015 550,000 555,836 0.10


Sweden Stadshypotek covered 3% /2014 3,000,000 3,096,956 0.58 Nordea Hypotek covered SerEMTN 4.25% 06/02/2014 3,000,000 3,071,685 0.57 Nordea Bank sr unsecur RegS 3.625% /2016 2,500,000 2,669,415 0.50 Swedbank sr unsecur SerEMTN 3.375% /2017 1,000,000 1,069,316 0.20 Swedbank sr unsecur SerGMTN 2.375% /2016 (1) 1,000,000 1,032,876 0.19 Svenska Handelsbanken sr unsecur SerEMTN 1.5% /2015 1,000,000 1,013,268 0.19


Poland Government of Poland sr unsecur SerEMTN 3.625% /2016 5,200,000 5,557,934 1.04 Government of Poland sr unsecur 5.875% 03/02/2014 5,000,000 5,162,600 0.96 TPSA Eurofinance France co gtd SerEMTN 6% 22/05/2014 (France) (2) 250,000 261,791 0.05


Belgium Kingdom of Belgium Ser56 3.5% /2015 6,000,000 6,319,683 1.17 Anheuser-Busch InBev co gtd SerEMTN 8.625% /2017 2,500,000 3,153,741 0.59


New Zealand Westpac Securities covered SerEMTN 3.5% /2016 3,000,000 3,228,479 0.60 BNZ International Funding covered SerEMTN 2.375% /2015 1,900,000 1,958,534 0.37 BNZ International Funding bnk gtd SerGMTN 1.25% /2018 1,050,000 1,017,238 0.19


Hong Kong Hutchison Whampoa Finance co gtd 5.875% 07/08/2013 (Cayman Islands) (2) 5,000,000 5,003,650 0.93


Australia Commonwealth Bank of Australia covered SerEMTN 2.625% /2017 3,150,000 3,324,392 0.62 National Australia Bank sr unsecur SerGMTN 3.75% /2017 (1) 1,200,000 1,300,664 0.24


United Arab Emirates Xstrata Finance Dubai co gtd SerEMTN 1.75% /2016 2,450,000 2,437,414 0.45 IPIC GMTN co gtd RegS 4.875% /2016 (Cayman Islands) (1) (2) 1,500,000 1,635,070 0.31


Norway Sparebank 1 SR Bank sr unsecur 3.625% /2015 2,700,000 2,821,832 0.52


Switzerland UBS covered SerEMTN 3% /2014 2,500,000 2,580,006 0.48


Czech Republic CEZ sr unsecur 3.625% /2016 2,000,000 2,132,949 0.40


Luxembourg ITW Finance Europe co gtd 5.25% /2014 1,200,000 1,270,620 0.24


Jersey ASIF III Jersey sr secured SerEMTN 4.75% 11/09/2013 (1) 1,250,000 1,260,200 0.23




Investments


specifiedMarket

value% of net



Investments


specifiedMarket

value% of net




Finland Pohjola Bank sr unsecur 1.25% /2018 (1) 460,000 451,211 0.08



Mutual Fund




European Investment Bank sr unsecur SerEMTN 0.261% /2016 (5) 6,000,000 6,008,880 1.12 European Union sr unsecur SerEMTN 2.5% /2015 5,500,000 5,772,687 1.07 European Union nts SerEMTN 2.75% /2016 5,000,000 5,313,463 0.99



Germany German Residential Funding 1.328% /2024 (5) 2,180,000 2,183,270 0.41


United Kingdom Taurus 2013-GMF1 A 1.259% /2024 (5) 1,300,000 1,300,000 0.24 Granite Master Issuer 2006-4 A7 0.342% /2054 (5) 447,477 435,619 0.08




DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

Euro BOBL Future 09/2013 (483) (60,350,850) Goldman Sachs 654,080 0.12


Euro SCHATZ Future 09/2013 813 89,677,965 Goldman Sachs (119,825) (0.02)


Net Unrealised Gain on Futures Contracts 29,327,1151 534,255 0.10








Investments



Market value

% of net assets

Bonds (continued)



Commercial Paper

GermanyFMS Wertmanagement 0% 01/07/2013 5,000,000 5,000,000 3.07Deutsche Bank 0% 08/08/2013 4,000,000 3,999,620 2.46BMW Malta Finance 0% 22/07/2013 3,000,000 2,999,901 1.84BMW Finance 0% 09/08/2013 2,000,000 1,999,827 1.23Deutsche Bank 0% 26/07/2013 1,500,000 1,499,934 0.92


France Electricité de France Energies Nouvelles 0% 15/07/2013 4,000,000 3,999,955 2.45Caisse Des Depots Et Consignations 0% 10/07/2013 3,000,000 2,999,970 1.84Société Générale 0% 31/07/2013 2,500,000 2,499,656 1.54Agence Centrale Organismes 0% 02/07/2013 2,000,000 1,999,996 1.23Banque Federative du Credit Mutuel 0% 02/08/2013 2,000,000 1,999,805 1.23BPCE 0% 14/08/2013 2,000,000 1,999,609 1.23


Sweden Swedbank 0% 22/07/2013 5,700,000 5,699,834 3.51Nordea Bank 0% 08/07/2013 3,500,000 3,499,963 2.15Stadshypotek 0% 17/07/2013 2,000,000 1,999,858 1.23Skandinaviska Enskilda 0% 15/07/2013 1,000,000 999,981 0.61Nordea Bank 0% 22/07/2013 1,000,000 999,971 0.61


Netherlands ABN Amro Bank 0% 16/09/2013 4,000,000 3,999,102 2.46Rabobank Nederland 0% 22/07/2013 2,000,000 1,999,953 1.23ABN Amro Bank 0% 08/07/2013 1,500,000 1,499,980 0.92


United States of America Procter & Gamble 0% 05/07/2013 2,000,000 1,999,987 1.23Procter & Gamble 0% 11/07/2013 2,000,000 1,999,978 1.23Procter & Gamble 0% 25/07/2013 1,000,000 999,953 0.61


Finland Pohjola Bank 0% 10/07/2013 2,000,000 1,999,980 1.23Pohjola Bank 0% 31/07/2013 1,000,000 999,958 0.61


Japan Sumitomo Mitsui Banking 0% 11/07/2013 2,000,000 1,999,956 1.23


Total for Commercial Paper 37.90

Euro Liquidity Fund

INVESTMENT AIM

To provide liquidity and high current income, to the extent consistent with the preservation of capital, primarily by investing in high quality short-term transferable debt securities that are denominated in Euro, provided that, at the time of acquisition, their initial or residual maturity does not exceed 397 days. The Fund may also hold up to 49% of its net assets in cash and cash equivalents.



Investments


specifiedMarket

value% of net

assets


Euro Liquidity Fund

Certificates of Deposit

FranceBNP Paribas 0% 19/07/2013 5,000,000 4,999,870 3.07BPCE 0% 01/08/2013 3,000,000 2,999,638 1.84BPCE 0% 23/07/2013 500,000 499,973 0.31


Japan Mizuho Corporate Bank 0% 12/07/2013 2,000,000 1,999,942 1.23Mizuho Corporate Bank 0% 25/07/2013 2,000,000 1,999,933 1.23Sumitomo Mitsui Banking 0% 02/08/2013 2,000,000 1,999,876 1.23Mizuho Corporate Bank 0% 16/09/2013 1,000,000 999,786 0.61


Sweden Skandinaviska Enskilda 0% 23/07/2013 2,000,000 1,999,914 1.24Svenska Handelsbanken 0.17% 29/07/2013 1,000,000 1,000,093 0.61Svenska Handelsbanken 0.17% 22/07/2013 1,000,000 1,000,070 0.61Skandinaviska Enskilda 0% 18/07/2013 1,000,000 999,981 0.61Skandinaviska Enskilda 0% 26/07/2013 1,000,000 999,944 0.61Svenska Handelsbanken 0.17% 25/07/2013 500,000 500,003 0.31


United States of America JP Morgan Bank 0% 26/07/2013 4,000,000 3,999,889 2.46


Finland Pohjola Bank 0% 08/07/2013 2,000,000 1,999,984 1.23


Netherlands Rabobank Nederland 0% 23/09/2013 1,000,000 999,790 0.62


Total for Certificates of Deposit 17.82

Mutual Fund



Treasury Bill

Germany German Treasury Bill 0% 10/07/2013 3,000,000 3,000,000 1.84


Belgium - Sovereign Belgium Treasury Bill 0% 18/07/2013 2,500,000 2,499,993 1.54

Total for Belgium - Sovereign 1.54

Total for Treasury Bill 3.38

Corporate Bonds

France French Treasury Note BTAN nts 4.5% 12/07/2013 2,000,000 2,002,693 1.23



Floating Rate Notes

Netherlands Cooperatieve Centrale Raiffeisen-Boerenleenbank sr unsecur SerEMTN 0.46% 17/07/2013 (5) 2,000,000 2,000,192 1.23


Total for Floating Rate Notes 1.23

Asset Backed Commercial Paper

United Kingdom Sheffield Receivables 0% 09/07/2013 1,000,000 999,984 0.61


Total for Asset Backed Commercial Paper 0.61




(2) The country in brackets represents the country of incorporation of this security.(4) Managed by an affiliate of the Investment Adviser.(5) Variable coupon rates are those quoted as of 30 June 2013.

Treasury Bill (continued)



Investments


specifiedMarket

value% of net

assets

Investments


specifiedMarket

value% of net

assets



Commercial Paper

JapanSumitomo Mitsui Trust 0% 02/07/2013 170,000,000 169,999,433 4.38Mizuho Funding 0% 19/07/2013 115,000,000 114,985,912 2.96Toyota Motor Credit 0% 11/07/2013 72,000,000 71,998,600 1.85Sumitomo Mitsui Banking 0% 27/08/2013 62,500,000 62,476,250 1.61Toyota Motor Credit 0% 02/07/2013 50,000,000 49,999,889 1.29Toyota Motor Credit 0% 01/07/2013 45,000,000 45,000,000 1.16Toyota Credit Canada 0% 02/07/2013 20,000,000 19,999,956 0.51Mizuho Funding 0% 12/07/2013 19,000,000 18,998,636 0.49Toyota Credit Canada 0% 08/07/2013 13,000,000 12,999,823 0.33


GermanyNRW Bank 0% 02/07/2013 190,000,000 189,999,419 4.89KfW - Kreditanstalt fuer Wiederaufbau 0% 08/07/2013 64,000,000 63,997,511 1.65KfW - Kreditanstalt fuer Wiederaufbau 0% 10/07/2013 27,700,000 27,698,615 0.71


SwedenSkandinaviska Enskilda 0% 26/11/2013 65,000,000 64,918,497 1.67Skandinaviska Enskilda 0% 31/10/2013 55,465,000 55,408,611 1.43Svenska Handelsbanken 0% 12/07/2013 30,000,000 29,997,708 0.77Svenska Handelsbanken 0% 05/07/2013 16,300,000 16,299,547 0.42Skandinaviska Enskilda 0% 07/11/2013 11,900,000 11,887,421 0.30


LuxembourgBanque et Caisse d’Epargne de L’Etat 0% 05/07/2013 100,000,000 99,995,500 2.57Banque et Caisse d’Epargne de L’Etat 0% 01/07/2013 38,000,000 38,000,000 0.98


SingaporeOversea-Chinese Banking 0% 04/10/2013 26,000,000 25,981,475 0.67Oversea-Chinese Banking 0% 22/07/2013 25,600,000 25,596,715 0.66Oversea-Chinese Banking 0% 26/09/2013 19,600,000 19,587,211 0.50Oversea-Chinese Banking 0% 02/10/2013 19,000,000 18,986,747 0.49Uob Funding 0% 10/07/2013 13,400,000 13,399,263 0.34Uob Funding 0% 15/07/2013 5,100,000 5,099,564 0.13Uob Funding 0% 16/07/2013 5,100,000 5,099,533 0.14


FranceCaisse des Depots et Consignations 0% 05/09/2013 91,000,000 90,963,297 2.34


Switzerland Nestle Finance International 0% 15/07/2013 30,050,000 30,048,831 0.77


Total for Commercial Paper 36.01

US Dollar Liquidity Fund

INVESTMENT AIM

To provide liquidity and high current income, to the extent consistent with the preservation of capital, primarily by investing in high quality short-term transferable debt securities that are denominated in US dollars, provided that, at the time of acquisition, their initial or residual maturity does not exceed 397 days. The Fund may also hold up to 49% of its net assets in cash and cash equivalents.



Investments



value% of net

assets


US Dollar Liquidity Fund

Certificates of Deposit

Canada Bank of Montreal 0.12% 02/07/2013 185,000,000 185,000,000 4.76Royal Bank of Canada 0.375% 01/07/2014 (5) 51,000,000 50,996,138 1.31Bank of Nova Scotia 0.329% 02/07/2013 (5) 50,000,000 50,000,000 1.29Royal Bank of Canada 0.328% 11/07/2013 (5) 50,000,000 50,000,000 1.29Toronto-Dominion Bank 0.272% 13/09/2013 (5) 46,000,000 46,000,000 1.18Toronto-Dominion Bank 0.276% 26/07/2013 (5) 42,000,000 42,000,000 1.08Toronto-Dominion Bank 0.276% 21/10/2013 (5) 36,500,000 36,500,000 0.94Toronto-Dominion Bank 0.15% 15/07/2013 34,500,000 34,500,000 0.89Bank of Nova Scotia 0.336% 27/06/2014 32,500,000 32,500,000 0.84Royal Bank of Canada 0.326% 30/07/2013 (5) 25,000,000 25,000,882 0.64Royal Bank of Canada 0.326% 26/07/2013 (5) 20,000,000 20,000,000 0.51Royal Bank of Canada 0.423% 16/09/2013 (5) 15,000,000 15,005,528 0.39Royal Bank of Canada 0.475% 03/09/2013 (5) 9,000,000 9,003,554 0.23


Australia National Australia Bank 0.273% 11/10/2013 (5) 66,400,000 66,400,000 1.71Westpac Banking 0.273% 27/08/2013 (5) 52,500,000 52,499,610 1.35National Australia Bank 0.275% 09/08/2013 (5) 27,250,000 27,250,000 0.70Westpac Banking 0.279% 09/10/2013 (5) 25,000,000 25,000,000 0.64


Norway DNB Bank 0.06% 05/07/2013 160,000,000 160,000,000 4.12


Japan Mizuho Corporate Bank 0.12% 01/07/2013 50,000,000 50,000,000 1.29Sumitomo Mitsui Banking 0.23% 10/09/2013 40,000,000 40,000,000 1.03Sumitomo Mitsui Banking 0.24% 18/09/2013 17,200,000 17,199,802 0.44


Netherlands Cooperatieve Centrale Raiffeisen-Boerenleenbank 0.327% 24/03/2014 (5) 90,000,000 90,000,000 2.31


Germany Deutsche Bank 0.35% 30/10/2013 50,000,000 50,000,000 1.29Deutsche Bank 0.37% 26/11/2013 36,500,000 36,500,000 0.94


Switzerland Credit Suisse 0.25% 31/07/2013 36,000,000 36,000,000 0.93


Sweden Skandinaviska Enskilda 0.295% 07/11/2013 35,000,000 34,999,374 0.90


Total for Certificates of Deposit 33.00



Investments



value% of net

assets

Discount Notes

United States of AmericaFederal Home Loan Bank discount nts zero coupon to 05/07/2001 135,000,000 134,999,700 3.47FNMA 0% 01/07/2013 75,000,000 75,000,000 1.93Federal Home Loan Bank 0% 01/07/2013 18,000,000 18,000,000 0.47


Total for Discount Notes 5.87

Corporate Bonds

United States of America JPMorgan Chase Bank 0.020% 07/07/2014 78,500,000 78,500,000 2.02Wells Fargo & Co 0.013% 18/07/2014 50,500,000 50,500,000 1.30Wells Fargo Bank 0.010% 14/07/2014 38,500,000 38,500,000 0.99


Sweden Svenska Handelsbanken 0.013% 13/12/2013 50,000,000 50,000,000 1.29



Commercial Paper - Interest Bearing

Australia BNZ International Funding 0.292% 20/12/2013 47,750,000 47,750,000 1.23ASB Finance 0.304% 03/01/2014 25,000,000 25,000,000 0.64Westpac Securities 0.004% 18/07/2013 15,000,000 14,999,721 0.39BNZ International Funding 0.294% 09/12/2013 12,500,000 12,500,000 0.32BNZ International Funding 0.294% 06/12/2013 12,100,000 12,100,000 0.31


United Kingdom HSBC Bank 0.327% /2014 14,000,000 14,000,432 0.36


Total for Commercial Paper - Interest Bearing 3.25

Puttable Certificate of Deposit

SwitzerlandCredit Suisse 0.273% 24/03/2014 (5) 52,500,000 52,500,000 1.35


Total for Puttable Certificate of Deposit 1.35




(5) Variable coupon rates are those quoted as of 30 June 2013.

Investments



value% of net

assets



Government Bonds

France France Treasury Bill BTF 0% 18/07/2013 45,000,000 44,999,697 3.55 France Treasury Bill BTF 0% 11/07/2013 30,000,000 29,999,718 2.36 France Treasury Bill BTF 0% 08/08/2013 30,000,000 29,998,696 2.36 France Treasury Bill BTF 0% 01/08/2013 20,000,000 19,999,869 1.58 France Treasury Bill BTF 0% 29/08/2013 15,000,000 14,999,256 1.18


BelgiumBelgium Treasury Bill 0% 18/07/2013 50,000,000 49,999,339 3.94 Belgium Treasury Bill 0% 19/09/2013 30,000,000 29,995,830 2.36 Belgium Treasury Bill 0% 15/08/2013 30,000,000 29,999,477 2.36 Belgium Treasury Bill 0% 17/10/2013 20,000,000 19,997,200 1.58


GermanyGerman Treasury Bill 0% 28/08/2013 30,000,000 29,999,700 2.36 German Treasury Bill 0% 16/10/2013 30,000,000 29,997,479 2.36 German Treasury Bill 0% 10/07/2013 20,000,000 20,000,000 1.58 German Treasury Bill 0% 11/09/2013 20,000,000 19,999,674 1.58 German Treasury Bill 0% 25/09/2013 20,000,000 19,999,515 1.57


SpainGovernment of Spain 3.75% /2015 109,700,000 112,232,260 8.84


Netherlands Dutch Treasury Certificate 0% 30/09/2013 30,000,000 29,999,225 2.36 Dutch Treasury Certificate 0% 29/11/2013 30,000,000 29,995,186 2.36 Dutch Treasury Certificate 0% 31/07/2013 25,000,000 24,999,657 1.97 Dutch Treasury Certificate 0% 31/10/2013 25,000,000 24,999,655 1.97



Equities

FranceRenault 838,338 43,367,225 3.42 Total 276,886 10,315,388 0.81 GDF Suez 631,358 9,495,624 0.75 AXA 633,521 9,493,312 0.75 Compagnie de Saint-Gobain 301,916 9,351,848 0.74 France Telecom 1,270,701 9,168,108 0.72 Veolia Environnement 680,571 5,904,634 0.47 Casino Guichard Perrachon 75,801 5,405,369 0.43 Peugeot 806,014 4,989,227 0.39 EDF 274,592 4,858,905 0.38 Bouygues 176,195 3,461,351 0.27 Sanofi 26,945 2,132,966 0.17 Suez Environnement 193,111 1,890,364 0.15 Lagardere 84,382 1,800,290 0.14 CNP Assurances 70,822 773,376 0.06 BNP Paribas 18,501 772,139 0.06 Danone 12,996 745,191 0.06 L’Oréal 5,482 691,554 0.06

Diversified Alpha Plus Fund

INVESTMENT AIM

To seek to provide an absolute return while actively managing total portfolio risk. The Fund will invest in baskets of stocks, ETFs, bonds and derivatives, with the asset allocation based on a top-down investment approach focusing on asset class, sector, region and country selection. The Fund aims to manage downside risk and targets below market volatility.



Investments



Market value

% of net assets



LVMH Moet Hennessy Louis Vuitton 5,133 641,625 0.05 Schneider Electric 11,498 637,909 0.05 Air Liquide 5,939 562,483 0.04 European Aeronautic Defence and Space (Netherlands) (2) 12,753 526,571 0.04 Vinci 11,865 455,675 0.04 Vivendi 27,373 396,498 0.03 Essilor International 4,786 389,150 0.03 Société Générale 13,739 363,877 0.03 Unibail-Rodamco 2,041 362,584 0.03 Kering 2,325 361,537 0.03 Pernod-Ricard 3,853 327,582 0.03 Compagnie Generale des Etablissements Michelin 4,018 275,916 0.02 Hermes International 1,040 256,256 0.02 Carrefour 11,564 240,589 0.02 Lafarge 4,683 222,115 0.02 Alstom 6,291 158,407 0.01 Crédit Agricole 20,434 133,700 0.01 Vallourec 2,703 105,985 0.01 Christian Dior 100 12,510 0.00 Sodexo 183 11,743 0.00 AtoS 191 10,790 0.00 Safran 236 9,504 0.00 SES (Luxembourg) (2) 422 9,322 0.00 Publicis Groupe 168 9,203 0.00 Thales 254 9,096 0.00 Technip 111 8,661 0.00 Bureau Veritas 432 8,631 0.00 Compagnie Générale de Géophysique-Veritas 484 8,138 0.00 Accor 284 7,604 0.00 Legrand 203 7,217 0.00 Groupe Eurotunnel Regd 1,234 7,170 0.00 Alcatel-Lucent 4,635 6,443 0.00 Gecina 75 6,427 0.00 STMicroelectronics (Netherlands) (2) 906 6,202 0.00 Foncière des Regions 107 6,196 0.00 Société Télévision Française 1 671 6,138 0.00 JC Decaux 266 5,581 0.00 Aeroports de Paris 72 5,396 0.00 Dassault Systèmes 55 5,167 0.00 Cap Gemini 133 4,980 0.00 Klepierre 150 4,564 0.00 Société BIC 59 4,558 0.00 Groupe Fnac Rights 15/05/2015 2,325 4,538 0.00 Edenred 168 3,940 0.00 Eutelsat Communications 128 2,810 0.00 ICADE 42 2,659 0.00


United States of AmericaMetLife 612,546 21,488,307 1.69 Prudential Financial 259,410 14,278,391 1.12 Aflac 259,425 11,444,079 0.90 Principal Financial Group 153,653 4,425,597 0.35 Lincoln National 150,738 4,180,836 0.33 Unum Group 150,864 3,409,755 0.27 Torchmark 52,101 2,595,434 0.20 United Technologies 9,400 666,940 0.05 Apple 1,500 449,962 0.04 Wal-Mart Stores 7,300 422,310 0.03 Bank of America 39,400 389,401 0.03 Halliburton 11,800 377,814 0.03 Chevron 3,800 345,730 0.03 Exxon Mobil 5,000 344,664 0.03

Microsoft 12,300 326,519 0.03 Procter & Gamble 5,100 301,144 0.02 General Electric 16,300 290,095 0.02 American Express 4,900 279,783 0.02 Wells Fargo & Co 8,400 264,698 0.02 Verizon Communications 6,600 258,072 0.02 CVS Caremark 5,800 252,563 0.02 Johnson & Johnson 3,782 249,616 0.02 Citigroup 6,700 245,631 0.02 Texas Instruments 9,000 239,192 0.02 Dominion Resources 5,500 237,895 0.02 Philip Morris International 3,500 234,710 0.02 International Business Machines 1,600 232,495 0.02 Home Depot 3,700 216,859 0.02 Bank of New York Mellon 10,000 214,273 0.02 AT&T 7,800 211,730 0.02 Colgate-Palmolive 4,800 209,754 0.02 Danaher 4,300 208,233 0.02 Pfizer 9,500 207,569 0.02 McDonald’s 2,700 205,907 0.02 Google ‘A’ 300 201,351 0.02 Automatic Data Processing 3,800 200,410 0.02 PNC Financial Services Group 3,400 189,360 0.02 AbbVie 5,800 187,753 0.02 ConocoPhillips 4,000 184,711 0.01 Cisco Systems 9,700 181,567 0.01 Occidental Petroleum 2,600 178,886 0.01 Oracle 7,600 177,662 0.01 Qualcomm 3,800 177,342 0.01 Comcast ‘A’ 5,700 177,167 0.01 PepsiCo 2,800 175,563 0.01 United Parcel Service ‘B’ 2,600 172,979 0.01 EI du Pont de Nemours & Co. 4,200 170,932 0.01 Honeywell International 2,800 170,491 0.01 Duke Energy 3,300 170,216 0.01 Apache 2,600 166,894 0.01 Medtronic 4,100 162,394 0.01 Starbucks 3,200 161,300 0.01 Abbott Laboratories 5,800 156,817 0.01 Schlumberger (Curacao) (2) 2,800 154,246 0.01 Costco Wholesale 1,800 153,662 0.01 Caterpillar 2,400 152,232 0.01 Goldman Sachs Group 1,300 150,751 0.01 JPMorgan Chase & Co. 3,600 145,325 0.01 3M 1,700 142,653 0.01 Praxair 1,600 139,959 0.01 Baxter International 2,600 138,320 0.01 Walt Disney 2,700 132,264 0.01 DIRECTV 2,800 131,124 0.01 Ford Motor 11,000 130,682 0.01 UnitedHealth Group 2,600 130,558 0.01 Amazon.com 600 128,182 0.01 U.S. Bancorp 4,600 126,667 0.01 Dow Chemical 5,100 125,327 0.01 Altria Group 4,600 124,937 0.01 Gilead Sciences 3,200 124,659 0.01 Capital One Financial 2,600 123,354 0.01 Intel 6,600 120,400 0.01 Coca-Cola 3,900 120,172 0.01 Southern 3,500 116,979 0.01 Nike ‘B’ 2,400 112,282 0.01 Boeing 1,400 109,968 0.01 News ‘A’ 4,400 109,678 0.01 Simon Property Group 900 109,643 0.01 Celgene 1,200 108,662 0.01 Amgen 1,400 105,370 0.01 Anadarko Petroleum 1,600 104,840 0.01 Express Scripts Holding 2,200 104,309 0.01 Mondelez International ‘A’ 4,500 99,842 0.01 Emerson Electric 2,300 96,447 0.01 Deere & Co 1,500 95,629 0.01 Time Warner Cable 1,100 92,330 0.01 Accenture ‘A’ (Ireland) (2) 1,700 91,444 0.01


France (continued)






value% of net

assets


value% of net

assets



Merck & Co. 2,500 89,888 0.01 Time Warner 2,000 88,380 0.01 EMC 4,900 87,056 0.01 Mastercard ‘A’ 200 87,029 0.01 Yum! Brands 1,600 84,837 0.01 Biogen Idec 500 84,113 0.01 Visa ‘A’ 600 84,087 0.01 National Oilwell Varco 1,600 83,794 0.01 Union Pacific 600 71,152 0.01 American International Group 2,100 71,138 0.01 EOG Resources 700 70,365 0.01 Lowe’s Cos 2,200 68,752 0.01 Target 1,200 63,425 0.01 Priceline.com 100 63,154 0.00 Monsanto 800 60,604 0.00eBay 1,500 59,309 0.00 Bristol-Myers Squibb 1,600 56,092 0.00 Freeport-McMoRan Copper & Gold 2,300 48,012 0.00 TJX Companies 1,200 46,149 0.00 Exelon 1,900 45,028 0.00 American Tower 800 44,991 0.00 Walgreen 1,200 41,277 0.00 Eli Lilly & Co 1,000 37,812 0.00 Berkshire Hathaway ‘B’ 400 34,342 0.00


Germany Daimler Regd 217,025 9,988,576 0.79 E.ON 772,256 9,714,980 0.77 Volkswagen Pfd 61,992 9,633,557 0.76 RWE 377,187 9,161,872 0.72 Deutsche Lufthansa Regd 456,297 7,054,352 0.56 Metro 292,527 7,044,928 0.55 Porsche Automobil Holding Pfd 82,970 4,901,868 0.39 Hochtief 54,430 2,719,595 0.21 Volkswagen 16,865 2,523,847 0.20 Bayer Regd 15,875 1,291,114 0.10 Siemens Regd 16,526 1,276,799 0.10 BASF 18,490 1,261,942 0.10 Allianz Regd 9,187 1,029,403 0.08 SAP 18,120 1,008,559 0.08 Deutsche Bank Regd 21,126 677,405 0.05 Bayerische Motoren Werke Pfd 12,843 671,689 0.05 Muenchener Rueckversicherungs Regd 4,276 603,557 0.05 Linde 4,026 571,893 0.04 Deutsche Telekom Regd 60,150 535,636 0.04 Bayerische Motoren Werke 7,025 469,270 0.04 Adidas 4,604 379,646 0.03 Deutsche Post Regd 18,499 351,389 0.03 Deutsche Boerse 6,918 347,422 0.03 RWE Pfd 14,718 346,830 0.03 Henkel & Co Pfd 3,890 279,808 0.02 Fresenius Medical Care & Co 4,416 240,628 0.02 HeidelbergCement 3,269 167,929 0.01 Infineon Technologies 23,700 150,234 0.01 ThyssenKrupp 5,904 88,265 0.01 K+S Regd 2,897 81,608 0.01 Fresenius 170 16,041 0.00 Continental 136 13,913 0.00 Merck 96 11,146 0.00 Beiersdorf 127 8,495 0.00 Celesio 482 8,030 0.00 TUI 823 7,404 0.00 ProSiebenSat.1 Media Pfd 220 7,313 0.00

Lanxess 155 7,139 0.00 Henkel & Co 116 6,992 0.00 Qiagen (Netherlands) (2) 462 6,946 0.00 Kabel Deutschland Holding 76 6,396 0.00 Fraport Frankfurt Airport Services Worldwide 131 6,064 0.00 Suedzucker 117 2,770 0.00 Commerzbank 327 2,189 0.00 Axel Springer 59 1,933 0.00 Salzgitter 72 1,814 0.00


ItalyENI 577,946 9,137,326 0.72 Enel 3,689,168 8,905,652 0.70 Fiat 1,639,778 8,854,801 0.70 Saipem 675,429 8,463,125 0.66 Telecom Italia 14,341,563 7,687,078 0.60 UniCredit 1,827,765 6,576,298 0.52 Intesa Sanpaolo 5,296,328 6,477,409 0.51 Exor 127,350 2,895,939 0.23 Unione di Banche Italiane 945,038 2,630,986 0.21 Telecom Italia ‘RSP’ Pfd 2,586,239 1,105,876 0.09 Intesa Sanpaolo 979,673 1,004,165 0.08


SpainRepsol 562,529 9,090,469 0.72 Iberdrola 2,102,588 8,494,456 0.67 Acciona 47,819 1,938,821 0.15 International Consolidated Airlines Group 570,970 1,758,017 0.14


NetherlandsKoninklijke KPN 5,993,100 9,553,001 0.75 Aegon 1,769,706 9,073,283 0.72 ArcelorMittal (Luxembourg) (2) 15,929 136,352 0.01


United Kingdom HSBC Holdings 168,713 1,342,487 0.11 Vodafone Group 504,285 1,100,854 0.09 GlaxoSmithKline 48,843 934,425 0.07 Royal Dutch Shell ‘A’ 36,585 897,694 0.07 British American Tobacco 22,450 892,543 0.07 BP 162,918 864,377 0.07 Royal Dutch Shell ‘B’ 28,415 723,269 0.06 Diageo 28,150 620,549 0.05 WPP (Jersey) (2) 40,282 526,774 0.04 AstraZeneca 13,880 503,855 0.04 BHP Billiton 24,964 487,939 0.04 Reckitt Benckiser Group 8,801 481,640 0.04 Rio Tinto 14,964 466,678 0.04 Unilever 14,820 459,591 0.04 BG Group 35,080 459,361 0.04 Barclays 133,512 432,826 0.03 Standard Chartered 23,179 384,984 0.03 Rolls-Royce Holdings 26,795 361,666 0.03 Prudential 26,836 337,465 0.03 Imperial Tobacco Group 12,682 337,168 0.03 BT Group 90,465 326,470 0.02 Tesco 78,839 304,557 0.02 SSE 16,362 290,195 0.02 Lloyds Banking Group 388,162 286,258 0.02 Compass Group 25,689 252,104 0.02 Experian (Jersey) (2) 17,693 237,365 0.02 Glencore Xstrata (Jersey) (2) 70,872 224,701 0.02 Centrica 51,067 214,773 0.02




Germany (continued)




value% of net

assets


value% of net

assets



Anglo American 13,981 205,441 0.02 National Grid 23,217 201,414 0.02 Kingfisher 49,357 198,130 0.01 Reed Elsevier 21,175 184,565 0.01 BAE Systems 31,169 139,495 0.01 Pearson 9,996 136,438 0.01 British Sky Broadcasting 14,579 134,648 0.01 Old Mutual 56,320 118,367 0.01 Tullow Oil 9,055 105,969 0.01 Shire (Jersey) (2) 4,302 104,429 0.01 Legal & General Group 51,516 102,797 0.01 Marks & Spencer Group 20,274 101,742 0.01 WM Morrison Supermarkets 32,703 99,470 0.01 Aviva 23,720 94,220 0.01 Royal Bank of Scotland Group 22,881 72,935 0.01 Standard Life 4,829 19,568 0.00 Next 299 15,899 0.00 ARM Holdings 1,655 15,285 0.00 Capita 1,334 15,140 0.00 Wolseley (Jersey) (2) 427 15,087 0.00 Smith & Nephew 1,614 13,842 0.00 Aggreko 716 13,802 0.00 Whitbread 369 13,076 0.00 Land Securities Group 1,199 12,376 0.00 Intertek Group 350 12,013 0.00 Smiths Group 773 11,778 0.00 Intercontinental Hotels Group 560 11,737 0.00 Johnson Matthey 367 11,244 0.00 RSA Insurance Group 7,734 10,719 0.00 Babcock International Group 800 10,340 0.00 Resolution (Guernsey) (2) 3,104 10,315 0.00 Carnival 370 9,872 0.00 British Land 1,405 9,339 0.00 Burberry Group 590 9,217 0.00 Weir Group 338 8,481 0.00 ITV 5,153 8,473 0.00 G4S 3,113 8,378 0.00 Associated British Foods 411 8,350 0.00 Serco Group 1,093 7,912 0.00 3i Group 1,953 7,708 0.00 Randgold Resources (Jersey) (2) 161 7,506 0.00 Inmarsat 931 7,256 0.00 Hammerson 1,112 6,278 0.00 J Sainsbury 1,483 6,144 0.00 Rexam 1,093 6,044 0.00 Schroders 237 6,035 0.00 TUI Travel 1,461 6,015 0.00 Admiral Group 343 5,331 0.00 Petrofac (Jersey) (2) 359 5,038 0.00 Cairn Energy 1,714 5,031 0.00 Investec 1,033 4,966 0.00 Severn Trent 241 4,685 0.00 Sage Group 1,167 4,637 0.00 AMEC 374 4,376 0.00 Segro 1,171 3,819 0.00 Rolls-Royce Holdings Pfd ‘C’ 3,188,605 3,723 0.00 ICAP 862 3,629 0.00 Intu Properties 874 3,162 0.00 Man Group 3,281 3,161 0.00 Vedanta Resources 234 2,798 0.00 Lonmin 289 844 0.00


JapanToyota Motor 10,900 503,825 0.04 Sumitomo Mitsui Financial Group 8,100 284,287 0.02 Honda Motor 6,400 181,943 0.02 Tokio Marine Holdings 7,300 177,206 0.02 Softbank 3,500 156,295 0.01 KDDI 3,800 151,532 0.01 Nippon Steel & Sumitomo Metal 68,170 140,976 0.01 Mizuho Financial Group 87,900 139,822 0.01 Takeda Pharmaceutical 4,000 138,578 0.01 Sumitomo Electric Industries 13,700 125,383 0.01 Nippon Telegraph & Telephone 3,100 123,130 0.01 Denso 3,400 122,378 0.01 Mitsubishi Estate 6,000 122,204 0.01 Sumitomo Realty & Development 4,000 122,029 0.01 Seven & I Holdings 4,300 120,229 0.01 Japan Tobacco 4,200 113,723 0.01 Hitachi 23,000 113,012 0.01 Canon 4,500 112,435 0.01 Mitsui Fudosan 5,000 112,412 0.01 Kubota 10,000 111,732 0.01 Mitsubishi Heavy Industries 25,000 106,350 0.01 Astellas Pharma 2,500 104,089 0.01 East Japan Railway 1,700 101,254 0.01 NTT DoCoMo 81 96,521 0.01 Daiwa Securities Group 15,000 96,261 0.01 Central Japan Railway 1,000 93,715 0.01 Nissan Motor 10,600 82,145 0.01 Osaka Gas 25,000 81,003 0.01 Nomura Holdings 14,300 80,563 0.01 Fanuc 700 77,718 0.01 Asahi Kasei 15,000 75,972 0.01 Komatsu 4,200 74,301 0.01 Bridgestone 2,800 72,989 0.01 Mitsubishi Electric 10,000 71,637 0.01 Sony 4,400 70,466 0.01 Dai Nippon Printing 10,000 70,041 0.01 Murata Manufacturing 1,200 69,982 0.01 Toshiba 19,000 69,899 0.01 Sumitomo Mitsui Trust Holdings 18,860 67,362 0.01 Mitsui & Co. 6,500 62,558 0.01 Kyocera 800 62,409 0.01 Aeon 6,200 62,376 0.01 SMC 400 61,494 0.01 Shin-Etsu Chemical 1,200 60,949 0.01 Kirin Holdings 5,000 60,017 0.01 Kyushu Electric Power 5,100 58,947 0.01 Suzuki Motor 3,200 56,484 0.01 Tohoku Electric Power 5,800 55,494 0.01 Tokyo Gas 13,000 55,091 0.01 Kao 2,100 54,801 0.01 Panasonic 8,900 54,739 0.01 Toray Industries 11,000 54,534 0.01 Mitsubishi 4,100 53,811 0.01 Keyence 220 53,783 0.01 Fast Retailing 200 51,594 0.01 Secom 1,200 50,055 0.01 Oriental Land 400 47,456 0.00 Nintendo 500 45,202 0.00 Daiichi Sankyo 3,500 44,779 0.00 MS&AD Insurance Group Holdings 2,300 44,751 0.00 FUJIFILM Holdings 2,600 43,842 0.00 NEC 26,000 43,569 0.00 Itochu 4,900 43,300 0.00 Daiwa House Industry 3,000 42,866 0.00 Terumo 1,100 41,911 0.00 Asahi Group Holdings 2,100 39,944 0.00 Orix 3,600 37,553 0.00 Eisai 1,200 37,533 0.00 Daikin Industries 1,200 37,117 0.00 Kintetsu 11,000 37,079 0.00 Ricoh 4,000 36,390 0.00 Kansai Electric Power 3,400 35,712 0.00 Fujitsu 11,000 34,834 0.00





value% of net

assets STATEMENT OF INVESTMENTS (continued)



value% of net

assets






value% of net

assets


value% of net

assets

Ajinomoto 3,000 33,764 0.00 Sekisui House 3,000 33,194 0.00 Sumitomo 3,400 32,487 0.00 JX Holdings 8,610 31,990 0.00 Tobu Railway 8,000 31,599 0.00 Toyota Industries 1,000 31,332 0.00 Sumitomo Chemical 13,000 31,273 0.00 Marubeni 6,000 30,706 0.00 Yamato Holdings 1,900 30,700 0.00 Hankyu Hanshin Holdings 7,000 30,587 0.00 Hamamatsu Photonics 1,100 30,476 0.00 Odakyu Electric Railway 4,000 29,924 0.00 Dai-ichi Life Insurance 27 29,852 0.00 Shiseido 2,600 29,701 0.00 Yahoo Japan 76 28,727 0.00 JGC 1,000 27,573 0.00 Rakuten 2,900 26,261 0.00 LIXIL Group 1,400 26,131 0.00 Mitsubishi Motors 24,000 25,173 0.00 Asahi Glass 5,000 24,953 0.00 Shizuoka Bank 3,000 24,784 0.00 Shionogi & Co 1,500 23,983 0.00 Chubu Electric Power 2,200 23,912 0.00 TDK 900 23,799 0.00 Kawasaki Heavy Industries 10,000 23,520 0.00 Aisin Seiki 800 23,421 0.00 West Japan Railway 700 22,789 0.00 Tokyo Electric Power 5,800 22,745 0.00 T&D Holdings 2,200 22,660 0.00 NKSJ Holdings 1,225 22,356 0.00 NSK 3,000 21,939 0.00 JFE Holdings 1,300 21,824 0.00 Daito Trust Construction 300 21,681 0.00 Nidec 400 21,381 0.00 Mitsubishi Chemical Holdings 5,500 19,786 0.00 Keikyu 3,000 19,763 0.00 Nitto Denko 400 19,701 0.00 Nikon 1,100 19,647 0.00 Tokyo Electron 500 19,373 0.00 NTT Data 7 19,021 0.00 Hoya 1,200 19,013 0.00 Olympus 800 18,607 0.00 Dentsu 700 18,526 0.00 Sharp 6,000 18,487 0.00 Chugai Pharmaceutical 1,100 17,478 0.00 Sumitomo Metal Mining 2,000 17,069 0.00 Electric Power Development 700 16,779 0.00 Kobe Steel 17,000 16,136 0.00 Kuraray 1,500 16,117 0.00 Inpex 5 16,001 0.00 Toppan Printing 3,000 15,965 0.00 Keio 3,000 15,819 0.00 Bank of Yokohama 4,000 15,818 0.00 Chiba Bank 3,000 15,658 0.00 Shikoku Electric Power 1,100 15,217 0.00 Mazda Motor 5,000 15,056 0.00 Tokyu 3,000 15,045 0.00 Mitsui OSK Lines 5,000 14,935 0.00 Nippon Express 4,000 14,565 0.00 Nippon Yusen 7,000 14,213 0.00 Omron 600 13,687 0.00 Unicharm 300 13,010 0.00 Makita 300 12,415 0.00 Hokkaido Electric Power 1,000 10,486 0.00 Ono Pharmaceutical 200 10,408 0.00

Isetan Mitsukoshi Holdings 1,000 10,167 0.00 NGK Insulators 1,000 9,490 0.00 Yamada Denki 300 9,334 0.00 OJI Holdings 3,000 9,268 0.00 Rohm 300 9,260 0.00 Nippon Building Fund 1 8,842 0.00 Japan Real Estate Investment 1 8,532 0.00 JSR 500 7,743 0.00 Trend Micro 300 7,299 0.00 Chugoku Electric Power 600 7,229 0.00 Resona Holdings 1,800 6,713 0.00 Kurita Water Industries 400 6,500 0.00 Hokuriku Electric Power 500 6,023 0.00 Konica Minolta Holdings 1,000 5,782 0.00 Benesse Holdings 200 5,532 0.00 SBI Holdings 610 5,146 0.00 Advantest 400 5,034 0.00 Japan Steel Works 1,000 4,215 0.00 Nippon Electric Glass 1,000 3,731 0.00 Ibiden 300 3,581 0.00


Finland UPM-Kymmene 402,187 3,018,413 0.23 Stora Enso ‘R’ 471,299 2,396,555 0.19 Neste Oil 91,751 1,023,024 0.08 Kesko ‘B’ 31,098 661,765 0.05


Portugal Portugal Telecom SGPS Regd 1,254,707 3,737,772 0.30 EDP - Energias de Portugal 947,476 2,321,316 0.18


Australia BHP Billiton 26,326 576,183 0.05 Commonwealth Bank of Australia 10,683 516,390 0.04 Australia & New Zealand Banking Group 24,809 495,211 0.04 Westpac Banking 21,754 438,027 0.03 National Australia Bank 20,448 423,648 0.03 Wesfarmers 8,567 237,582 0.02 Woolworths 9,500 218,335 0.02 CSL 4,308 186,514 0.01 Westfield 19,818 158,941 0.01 QBE Insurance Group 14,325 151,304 0.01 Woodside Petroleum 5,405 132,286 0.01 Rio Tinto 3,464 126,461 0.01 Telstra 35,757 119,862 0.01 Suncorp Group 14,302 118,865 0.01 AMP 38,247 113,629 0.01 Macquarie Group 3,221 93,962 0.01 Insurance Australia Group 23,925 91,020 0.01 Origin Energy 9,770 86,263 0.01 Amcor 11,797 83,702 0.01 Santos 9,394 82,339 0.01 Stockland 32,327 78,722 0.01 Brambles 11,986 78,351 0.01 Orica 5,163 74,466 0.01 GPT Group 26,088 70,200 0.01 Transurban Group 12,845 60,916 0.01 Wesfarmers ‘PPS’ 2,106 59,692 0.00 Mirvac Group 47,147 52,910 0.00 ASX 1,928 44,644 0.00 Westfield Retail Trust 19,818 42,991 0.00 Newcrest Mining 5,885 40,639 0.00 Asciano 10,824 38,002 0.00 Incitec Pivot 16,767 33,504 0.00 AGL Energy 3,000 30,430 0.00


Japan (continued)


Japan (continued)



Fortescue Metals Group 14,014 29,874 0.00 Treasury Wine Estates 5,474 22,341 0.00 Leighton Holdings 1,574 16,942 0.00 Coca-Cola Amatil 528 4,701 0.00 Shopping Centres Australasia Property Group 1,900 2,120 0.00 ASX Rights 05/07/2013 202 442 0.00


AustriaOMV 70,882 2,445,075 0.19 Voestalpine 55,012 1,478,723 0.12 Raiffeisen Bank International 43,478 970,429 0.08


Belgium Delhaize Group 95,053 4,474,620 0.35


Switzerland Coca-Cola 60,254 1,066,535 0.08Nestlé Regd 6,491 325,470 0.03 Roche Holding ‘Genusschein’ 1,051 197,130 0.02 Novartis Regd 3,549 191,797 0.02 UBS Regd 5,206 67,777 0.01 ABB Regd 3,652 60,574 0.01 Zurich Insurance Group 277 54,972 0.01 Compagnie Financiere Richemont ‘Bearer’ ‘A & B’ Regd 701 47,455 0.01 Credit Suisse Group Regd 2,163 43,840 0.00 Syngenta Regd 146 43,485 0.00 Swiss Re 705 40,306 0.00 Swisscom Regd 111 37,084 0.00 Transocean 563 20,795 0.00 SGS Regd 12 19,894 0.00 Geberit Regd 100 19,008 0.00 Swatch Group ‘Bearer’ 45 18,815 0.00 Holcim Regd 315 16,806 0.00 Givaudan Regd 15 14,750 0.00 Adecco Regd 273 11,925 0.00 Schindler Holding ‘PC’ 107 11,504 0.00 Kuehne & Nagel International Regd 124 10,440 0.00 Julius Baer Group 325 9,672 0.00 Swiss Life Holding Regd 65 8,082 0.00 Sonova Holding Regd 99 8,033 0.00 Actelion Regd 157 7,273 0.00 GAM Holding 453 5,301 0.00 Lonza Group Regd 78 4,482 0.00


GreeceMetka 17,662 174,501 0.02 Terna Energy 50,184 146,035 0.01 Frigoglass 21,107 106,590 0.01 Viohalco Hellenic Copper and Aluminum Industry 16,830 72,369 0.01 JUMBO 7,993 60,747 0.01 Piraeus Port Authority 2,427 43,079 0.00 Thessaloniki Port Authority 1,258 30,947 0.00 Halcor 35,934 28,891 0.00 Fourlis Holdings 8,039 20,098 0.00 Thessaloniki Water Supply & Sewage 3,401 19,488 0.00 Autohellas 8,062 15,721 0.00 J&P-Avax 8,672 13,442 0.00

Intracom Holdings Regd 27,813 12,738 0.00 Sidenor Steel Products Manufacturing 5,688 9,897 0.00 Diagnostic & Therapeutic Center of Athens Hygeia 10,162 3,841 0.00


South Africa SABMiller (United Kingdom) (2) 15,461 569,732 0.04


Sweden Telefonaktiebolaget LM Ericsson ‘B’ 6,549 56,794 0.01 Hennes & Mauritz ‘B’ 1,643 41,249 0.01 Volvo ‘B’ 2,335 23,863 0.00 Atlas Copco ‘A’ 1,154 21,210 0.00 Investor ‘B’ 834 17,104 0.00 Assa Abloy ‘B’ 560 16,812 0.00 Svenska Cellulosa ‘B’ 827 15,812 0.00 Sandvik 1,677 15,302 0.00 Atlas Copco ‘B’ 691 11,316 0.00 Alfa Laval 709 11,087 0.00 SKF ‘B’ 601 10,745 0.00 Getinge ‘B’ 370 8,603 0.00 Scania ‘B’ 529 8,122 0.00 Hexagon ‘B’ 350 7,150 0.00 Securitas ‘B’ 1,030 6,893 0.00 Husqvarna ‘B’ 1,650 6,666 0.00 Electrolux ‘B’ 336 6,485 0.00 Skanska ‘B’ 496 6,271 0.00 Modern Times Group ‘B’ 181 5,912 0.00 Boliden 371 3,496 0.00 Millicom International Cellular SDR (Luxembourg) (2) 42 2,359 0.00 Tele2 ‘B’ 177 1,580 0.00


Chile Antofagasta (United Kingdom) (2) 7,709 71,468 0.01


LuxembourgAPERAM 400 3,324 0.00


Kazakhstan Kazakhmys (United Kingdom) (2) 1,066 3,149 0.00


Hong Kong Henderson Land Development 238 1,082 0.00



Mutual Fund

ETFS Daily Short Copper (Jersey) (2) 1,816,638 46,342,736 3.65 Morgan Stanley Liquidity Funds - Euro Liquidity Fund (Luxembourg) (2) (4) 5,003,308 5,003,308 0.39






value% of net




Greece (continued)


value% of net

assets



DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

CAC40 10 Euro Future 07/2013 (293) (10,908,390) Goldman Sachs 165,545 0.01DAX Index Future 09/2013 (61) (12,071,900) Goldman Sachs 491,050 0.04Euro Bund Future 09/2013 (515) (72,635,600) Goldman Sachs 1,203,470 0.10Hang Seng Index Future 07/2013 99 10,150,245 Goldman Sachs 418,131 0.03MINI MSCI Emerging Markets Index Future 09/2013 (701) (24,674,689) Goldman Sachs 782,513 0.06Nikkei 225 Index Future 09/2013 1,431 75,487,483 Goldman Sachs 3,238,035 0.26S&P MIB Index Future 09/2013 (10) (761,000) Goldman Sachs 1,768 0.00SPI 200 Future 09/2013 103 8,632,906 Goldman Sachs 125,600 0.01


Amsterdam Index Future 07/2013 11 756,470 Goldman Sachs (2,090) 0.00Australia 10 Year Bond Future 09/2013 145 12,068,006 Goldman Sachs (373,383) (0.03)DJ Euro Stoxx 50 Index Future 09/2013 3,759 97,320,510 Goldman Sachs (2,316,211) (0.18)EURO BTP Future 09/2013 112 12,241,360 Goldman Sachs (431,436) (0.03)Euro OAT Future 09/2013 24 3,170,880 Goldman Sachs (70,840) (0.01)Euro OAT Future 09/2013 95 12,542,850 Goldman Sachs (284,756) (0.03)FTSE 100 Index Future 09/2013 131 9,428,982 Goldman Sachs (188,674) (0.01)IBEX 35 Index Future 07/2013 (5) (381,800) Goldman Sachs (7,749) 0.00Long Gilt Future 09/2013 107 13,926,355 Goldman Sachs (666,731) (0.05)S&P 500 EMINI Future 09/2013 6,554 401,762,661 Goldman Sachs (5,732,451) (0.45)


Net Unrealised Loss on Futures Contracts 536,055,3291 (3,648,209) (0.28)



Maturity date

Amount bought Ccy



EUR% of net

assets

18/07/2013 10,892,036 CHF 8,837,022 EUR State Street 15,292 0.00 18/07/2013 2,255,666 EUR 3,198,108 AUD State Street 10,308 0.00 18/07/2013 1,245,301 EUR 1,765,652 AUD Mellon Bank 5,656 0.00 18/07/2013 1,613,336 EUR 2,208,328 CAD State Street 2,713 0.00 18/07/2013 3,425,455 EUR 4,457,788 USD Deutsche Bank 4,513 0.00 18/07/2013 77,450,421 HKD 9,983,040 USD Mellon Bank 579 0.00 18/07/2013 308,234,670 USD 326,318,545 AUD Deutsche Bank 7,436,980 0.60 18/07/2013 40,478,410 USD 42,847,899 AUD State Street 980,403 0.08 18/07/2013 44,523,217 USD 47,130,474 AUD Mellon Bank 1,077,669 0.08 18/07/2013 13,096,495 USD 13,384,094 CAD UBS 288,796 0.02 18/07/2013 136,604,182 USD 139,600,664 CAD Bank of America 3,014,752 0.24 18/07/2013 226,411,232 USD 112,264,054,534 CLP RBS 4,695,393 0.37 18/07/2013 10,843,947 USD 8,096,002 EUR Goldman Sachs 225,730 0.02 18/07/2013 30,528,026 USD 23,248,289 EUR UBS 179,163 0.01 18/07/2013 1,412,134 USD 134,976,391 JPY State Street 38,151 0.00 18/07/2013 4,565,192 USD 436,363,885 JPY UBS 123,276 0.01 18/07/2013 1,371,707 USD 4,372,223 PLN UBS 47,580 0.00 18/07/2013 20,748,175 USD 660,590,773 RUB Bank of America 563,500 0.04 12/08/2013 521,260,635 CNY 82,752,919 USD J.P. Morgan 1,433,112 0.12 19/09/2013 153,323,869 USD 4,927,695,097 RUB Bank of America 4,370,265 0.34 19/09/2013 82,277,629 USD 2,680,700,977 RUB UBS 1,509,278 0.12

Unrealised Gain on Forward Foreign Currency Exchange Contracts 26,023,109 2.05


Maturity date

Amount bought Ccy



EUR% of net

assets

USD Hedged Share Class05/07/2013 89,686,005 USD 68,514,206 EUR J.P. Morgan 315,096 0.02



18/07/2013 2,171,688 AUD 1,531,705 EUR Goldman Sachs (6,986) 0.00 18/07/2013 1,714,135 BRL 600,991 EUR State Street (11,931) 0.00 18/07/2013 15,505,027 BRL 7,241,279 USD State Street (228,730) (0.02)18/07/2013 2,323,567 CHF 2,525,037 USD Goldman Sachs (49,295) 0.00 18/07/2013 22,066,014 CHF 23,989,759 USD UBS (476,162) (0.04)18/07/2013 3,116,409 CHF 3,325,205 USD State Street (18,982) 0.00 18/07/2013 7,166,389 DKK 1,287,009 USD J.P. Morgan (26,832) 0.00 18/07/2013 19,062,124 EUR 16,360,545 GBP State Street (37,217) 0.00 18/07/2013 11,591,006 EUR 17,386,508,979 KRW Deutsche Bank (43,534) 0.00 18/07/2013 56,419,030 EUR 75,413,060 USD State Street (1,453,557) (0.11)18/07/2013 15,815,189 EUR 21,182,247 USD Deutsche Bank (440,237) (0.03)18/07/2013 231,515,214 EUR 310,116,227 USD UBS (6,470,463) (0.52)18/07/2013 24,171,988 GBP 37,723,505 USD Deutsche Bank (730,881) (0.06)18/07/2013 2,286,930 GBP 3,568,914 USD Goldman Sachs (69,046) (0.01)18/07/2013 21,925,777 GBP 34,239,918 USD UBS (679,780) (0.05)18/07/2013 3,823,471 GBP 5,901,489 USD State Street (65,320) (0.01)18/07/2013 65,088,624 JPY 508,380 EUR State Street (4,201) 0.00 18/07/2013 310,061,867 JPY 2,421,885 EUR Goldman Sachs (20,136) 0.00 18/07/2013 748,089,361 JPY 5,843,279 EUR UBS (48,554) 0.00 18/07/2013 361,960,161 JPY 3,802,222 USD UBS (114,100) (0.01)18/07/2013 205,242,890 JPY 2,098,791 USD State Street (20,811) 0.00 18/07/2013 15,093,804,315 KRW 13,381,032 USD RBS (168,382) (0.01)18/07/2013 887,919 PLN 207,994 EUR State Street (3,881) 0.00 18/07/2013 30,269,519 SEK 3,487,945 EUR State Street (44,565) 0.00 18/07/2013 75,896,495 SEK 11,567,276 USD State Street (243,037) (0.02)18/07/2013 29,088,227 SEK 4,489,458 USD Deutsche Bank (136,247) (0.01)18/07/2013 230,916,293 SEK 35,683,925 USD UBS (1,115,705) (0.09)18/07/2013 3,127,350 USD 2,403,109 EUR Goldman Sachs (3,155) 0.00 12/08/2013 80,973,635 USD 521,260,635 CNY J.P. Morgan (2,798,393) (0.23)19/09/2013 1,217,057,414 RUB 37,250,094 USD UBS (605,023) (0.05)


GBP Hedged Share Class05/07/2013 255,595,290 GBP 301,132,070 EUR J.P. Morgan (2,706,757) (0.21)

Unrealised Loss on NAV Hedged Share Classes Forward Foreign Currency Exchange Contracts (2,706,757) (0.21)


Net Unrealised Gain on Forward Foreign Currency Exchange Contracts 7,496,305 0.59

Total Return Swap Contracts

Description CurrencyNotional amount Counterparty

Maturity date



assets

Equity Swap HKBCCNREAL.I Feb14 HKD 241,671,373 Barclays Capital 17/02/2014 3,622,900 0.29Equity Swap HKBCCNREAL.I Feb14 HKD 58,948,580 J.P. Morgan 17/02/2014 316,898 0.02Equity Swap HKBCCNREAL.I Feb14 HKD 21,315,216 Barclays Capital 19/02/2014 279,015 0.02Equity Swap HKMXCN0BK.I Mar14 HKD 582,793,756 J.P. Morgan 04/03/2014 3,921,006 0.31Equity Swap HKMXCN0BK.I Mar14 HKD 356,725,288 J.P. Morgan 07/03/2014 3,073,987 0.24



Equity Swap USBCIISAFR.I Feb14 USD 22,557,914 Barclays Capital 03/02/2014 1,558,349 0.12Equity Swap USBCIISAFR.I Feb14 USD 18,033,779 Barclays Capital 10/02/2014 676,316 0.05Equity Swap USGSCBIRON.I Feb14 USD 50,912,938 Goldman Sachs 08/02/2014 6,355,351 0.50Equity Swap USGSCBIRON.I Feb14 USD 7,470,336 Goldman Sachs 12/02/2014 1,049,059 0.08Equity Swap USGSCBIRON.I Feb14 USD 5,406,789 Goldman Sachs 13/02/2014 474,830 0.04Equity Swap USGSGLMACH.I Feb14 USD 72,132,885 Goldman Sachs 12/02/2014 5,676,540 0.46Equity Swap USGSGLMACH.I Feb14 USD 10,962,539 Goldman Sachs 17/02/2014 772,155 0.06Equity Swap USGSGLMACH.I Feb14 USD 78,825,569 Goldman Sachs 18/02/2014 7,532,072 0.60Equity Swap USNDRUFB&T.I Aug13 USD 34,786,863 J.P. Morgan 21/08/2013 1,297,464 0.10Equity Swap USNDRUFB&T.I Aug13 USD 83,166,851 J.P. Morgan 24/08/2013 4,049,964 0.32Equity Swap USNDRUFB&T.I Aug13 USD 22,514,897 J.P. Morgan 26/08/2013 950,052 0.07Equity Swap USNDRUHRL.I Aug13 USD 4,249,833 J.P. Morgan 21/08/2013 138,380 0.01Equity Swap USNDRUHRL.I Aug13 USD 9,633,495 J.P. Morgan 24/08/2013 342,971 0.03Equity Swap USNDRUHRL.I Aug13 USD 1,468,841 J.P. Morgan 26/08/2013 35,412 0.00Equity Swap USPHCULN.S Sep13 USD 29,681,138 Bank of America 16/09/2013 349 0.00

Unrealised Gain on Total Return Swap Contracts 42,123,070 3.32

Equity Swap HKBCCNREAL.I Feb14 HKD 31,448,942 J.P. Morgan 17/02/2014 (156,295) (0.01)Equity Swap HKMXCN0BK.I Mar14 HKD 73,068,170 J.P. Morgan 04/03/2014 (396,872) (0.04)Equity Swap USBCIISAFR.I Feb14 USD 4,223,082 Barclays Capital 03/02/2014 (126,622) (0.01)Equity Swap USGSCBIRON.I Feb14 USD 5,311,271 Goldman Sachs 13/02/2014 (46,197) 0.00Equity Swap USGSGLMACH.I Feb14 USD 13,459,644 Goldman Sachs 17/02/2014 (88,823) (0.01)Equity Swap USNDRUFB&T.I Aug13 USD 12,061,606 J.P. Morgan 26/08/2013 (184,197) (0.01)Equity Swap USNDRUHRL.I Aug13 USD 3,177,671 J.P. Morgan 26/08/2013 (43,662) 0.00

Unrealised Loss on Total Return Swap Contracts (1,042,668) (0.08)

Net Unrealised Gain on Total Return Swap Contracts 41,080,402 3.24

Cash of EUR 79,162,515 paid as collateral by the counterparty in relation to the above OTC contracts.Cash of EUR 8,272,000 held as collateral by the counterparties in relation to the above OTC contracts.







Total Return Swap Contracts (continued)

Description CurrencyNotional amount Counterparty

Maturity date



assets



Mutual Funds - Bond Funds

Luxembourg Morgan Stanley Investment Funds - Short Maturity Euro Bond Fund ‘Z’ (4) 2,534,256 75,318,082 16.92Morgan Stanley Investment Funds - Euro Corporate Bond Fund ‘ZD’ (4) 2,386,143 64,402,003 14.47Morgan Stanley Investment Funds - Euro Bond Fund ‘Z’ (4) 795,891 26,686,228 5.99Morgan Stanley Investment Funds - Euro Strategic Bond Fund ‘ZD’ (4) 513,248 13,169,943 2.96Morgan Stanley Investment Funds - Global Fixed Income Opportunities Fund ‘Z’ (4) 407,835 8,837,777 1.98


Mutual Funds - Equity Funds

Luxembourg Morgan Stanley Investment Funds - US Growth Fund ‘Z’ (4) 1,403,751 35,332,423 7.94Morgan Stanley Investment Funds - US Advantage Fund ‘ZH’ (4) 572,372 26,603,864 5.98Morgan Stanley Investment Funds - Eurozone Equity Alpha Fund ‘Z’ (4) 910,251 26,542,929 5.96Morgan Stanley Investment Funds - European Equity Alpha Fund ‘Z’ (4) 694,293 22,141,006 4.97Morgan Stanley Investment Funds - Global Infrastructure Fund ‘Z’ (4) 559,256 17,890,613 4.02Morgan Stanley Investment Funds - Japanese Equity Fund ‘Z’ (4) 611,976 15,893,012 3.57Morgan Stanley Investment Funds - Global Brands Fund ‘Z’ (4) 553,091 13,124,849 2.95Morgan Stanley Investment Funds - Emerging Markets Equity Fund ‘Z’ (4) 257,029 4,544,278 1.02Morgan Stanley Investment Funds - Global Property Fund ‘Z’ (4) 24,003 556,864 0.12


Mutual Funds - Liquidity Funds

Luxembourg Morgan Stanley Investment Funds - Euro Liquidity Fund ‘Z’ (4) 732,664 18,878,321 4.24


Total for Mutual Funds - Liquidity Funds 4.24


Global Balanced Risk Control Fund of Funds

INVESTMENT AIM

To provide an attractive level of total return, measured in Euro, by investing primarily in UCIs (including the Company’s Funds), ETFs, futures, investment funds managed by the investment adviser or its affiliates and other collective investment schemes.



Investments

HoldingsMarket

value% of net

assets


Global Balanced Risk Control Fund of Funds

DERIVATIVES


Futures Contracts

DescriptionMaturity





assets

S&P 500 EMINI Future 09/2013 (281) (17,364,561) Goldman Sachs 43,688 0.01DJ Euro Stoxx 50 Index Future 09/2013 (317) (8,257,850) Goldman Sachs 68,068 0.02


Nikkei 225 Index Future 09/2013 (81) (4,273,621) Goldman Sachs (317,589) (0.07)


Net Unrealised Loss on Futures Contracts (29,896,032)1 (205,833) (0.04)





(4) Managed by an affiliate of the Investment Adviser.


The accompanying notes are an integral part of these financial statements.

Statement of assets and liabilitiesAs at 30 June 2013

AsianEquityFund

Asia-Pacific Equity

Fund

Asian Property

Fund

Combinedtotals of all

funds +

USD USD USD USD

AssetsInvestment securities - at cost 151,719,680 103,423,846 393,186,897 31,352,478,397 Unrealised appreciation/(depreciation) 14,274,487 3,561,516 65,736,005 2,426,985,517

Investment securities 165,994,167 106,985,362 458,922,902 33,779,463,914

Cash at banks 332,618 276,767 22,586 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 5,591,766 4,561,996 4,289,626 241,528,918 Receivables for subscriptions 43,679 52,123 1,868,073 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 25,731 11,047 - 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - - 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 882,586 654,096 1,418,021 179,032,425

Total assets 172,870,547 112,541,391 466,521,208 35,620,612,678

LiabilitiesPayables for investments purchased 2,674,094 4,700,159 763,120 294,219,987 Payables for redemptions 1,095,690 40,463 3,732,047 165,056,711 Unrealised loss on forward foreign currency exchange contracts - 8,427 - 61,253,515 Unrealised loss on futures contracts - - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 417,027 174,789 823,804 46,490,872

Total liabilities 4,186,811 4,923,838 5,318,971 603,647,153

Net asset value 168,683,736 107,617,553 461,202,237 35,016,965,525

+ Represents the combined totals of all Morgan Stanley Investment Funds.



Statement of assets and liabilities (continued)As at 30 June 2013

Emerging Europe,Middle East and

Africa EquityFund

Emerging Leaders

Equity Fund

EmergingMarkets

EquityFund


funds +

EUR USD USD USD

AssetsInvestment securities - at cost 165,518,252 171,841,628 1,236,169,309 31,352,478,397 Unrealised appreciation/(depreciation) 6,699,045 (7,316,761) 37,127,720 2,426,985,517

Investment securities 172,217,297 164,524,867 1,273,297,029 33,779,463,914

Cash at banks 1,895,925 212,002 890,948 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 52,949 55,865 9,186,085 241,528,918 Receivables for subscriptions 46,511 830,390 202,495 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts - 1,862 84,626 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - - 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 1,206,332 306,224 6,563,351 179,032,425

Total assets 175,419,014 165,931,210 1,290,224,534 35,620,612,678

LiabilitiesPayables for investments purchased 1,997,263 4,160,036 6,498,422 294,219,987 Payables for redemptions 575,706 314,852 677,691 165,056,711 Unrealised loss on forward foreign currency exchange contracts - 218,297 - 61,253,515 Unrealised loss on futures contracts - - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 520,047 386,696 1,501,516 46,490,872


Net asset value 172,325,998 160,851,329 1,281,546,905 35,016,965,525





EuropeanEquityAlphaFund

EuropeanProperty

Fund

EurozoneEquityAlphaFund


funds +

EUR EUR EUR USD

AssetsInvestment securities - at cost 569,292,034 204,699,355 147,638,668 31,352,478,397 Unrealised appreciation/(depreciation) 65,040,283 (5,632,038) 12,125,398 2,426,985,517


Cash at banks 379,291 3,431,184 563,245 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 14,181,590 4,447,589 - 241,528,918 Receivables for subscriptions 881,856 79,243 1,182,800 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 3,357 - 3,388 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - - 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 2,387,349 729,807 376,973 179,032,425

Total assets 652,165,760 207,755,140 161,890,472 35,620,612,678

LiabilitiesPayables for investments purchased - 256,778 - 294,219,987 Payables for redemptions 11,264,173 6,358,656 704,426 165,056,711 Unrealised loss on forward foreign currency exchange contracts 677,952 - - 61,253,515 Unrealised loss on futures contracts - - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 758,754 367,839 247,459 46,490,872

Total liabilities 12,700,879 6,983,273 951,885 603,647,153

Net asset value 639,464,881 200,771,867 160,938,587 35,016,965,525





Frontier EmergingMarkets

Equity Fund (1)

GlobalAdvantage

Fund (2)

GlobalBrands

Fund


funds +

USD USD USD USD

AssetsInvestment securities - at cost 5,164,120 1,905,159 7,843,893,568 31,352,478,397 Unrealised appreciation/(depreciation) 128,939 (21,259) 1,456,741,418 2,426,985,517

Investment securities 5,293,059 1,883,900 9,300,634,986 33,779,463,914

Cash at banks 70,059 157,429 103,192 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 6,815 - 46,013,782 241,528,918 Receivables for subscriptions - - 7,841,470 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts - - 9,950 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - - 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 16,267 13,844 16,278,510 179,032,425

Total assets 5,386,200 2,055,173 9,370,881,890 35,620,612,678

LiabilitiesPayables for investments purchased - - - 294,219,987 Payables for redemptions - - 19,903,171 165,056,711 Unrealised loss on forward foreign currency exchange contracts 1,435 - 9,850,392 61,253,515 Unrealised loss on futures contracts - - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 54,084 62,798 11,592,664 46,490,872

Total liabilities 55,519 62,798 41,346,227 603,647,153

Net asset value 5,330,681 1,992,375 9,329,535,663 35,016,965,525

(1) Fund commenced operations on 28 March 2013. (2) Fund commenced operations on 31 January 2013. + Represents the combined totals of all Morgan Stanley Investment Funds.




GlobalEquity

Allocation Fund

GlobalInfrastructure

Fund

GlobalOpportunity

Fund


funds +

USD USD USD USD

AssetsInvestment securities - at cost 13,104,656 301,650,764 51,401,882 31,352,478,397 Unrealised appreciation/(depreciation) 1,736,870 25,813,032 3,340,380 2,426,985,517


Cash at banks 3,048,294 469,623 80,849 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold - 6,312,184 147,354 241,528,918 Receivables for subscriptions 33,234 1,217,806 71,719 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 5,278 596 5 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts 25,538 - - 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 45,820 1,880,612 15,859 179,032,425

Total assets 17,999,690 337,344,617 55,058,048 35,620,612,678

LiabilitiesPayables for investments purchased 16,253 - - 294,219,987 Payables for redemptions - 12,752,726 244,738 165,056,711 Unrealised loss on forward foreign currency exchange contracts 44,557 401,819 7,894 61,253,515 Unrealised loss on futures contracts 51,084 - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 112,169 623,302 161,570 46,490,872

Total liabilities 224,063 13,777,847 414,202 603,647,153

Net asset value 17,775,627 323,566,770 54,643,846 35,016,965,525





GlobalProperty

Fund

IndianEquityFund

Japanese Equity

Fund


funds +

USD USD JPY000’s USD

AssetsInvestment securities - at cost 758,196,284 123,040,832 7,020,263 31,352,478,397 Unrealised appreciation/(depreciation) 55,449,457 (3,364,287) 1,995,066 2,426,985,517


Cash at banks 6,051,140 2,252,937 151,336 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 12,875,888 307,792 208,173 241,528,918 Receivables for subscriptions 841,830 139,601 581,583 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 15 - 2,961 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - - 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 2,190,252 662,706 10,240 179,032,425

Total assets 835,604,866 123,039,581 9,969,622 35,620,612,678

LiabilitiesPayables for investments purchased 1,562,120 - 292,305 294,219,987 Payables for redemptions 13,114,818 226,497 495,360 165,056,711 Unrealised loss on forward foreign currency exchange contracts 37,100 - 1,917 61,253,515 Unrealised loss on futures contracts - - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 1,014,033 351,354 15,352 46,490,872

Total liabilities 15,728,071 577,851 804,934 603,647,153

Net asset value 819,876,795 122,461,730 9,164,688 35,016,965,525





LatinAmerican

EquityFund

US Advantage

Fund

USGrowth

Fund


funds +

USD USD USD USD

AssetsInvestment securities - at cost 619,727,086 3,179,914,148 780,146,959 31,352,478,397 Unrealised appreciation/(depreciation) (3,667,658) 442,059,620 172,882,045 2,426,985,517

Investment securities 616,059,428 3,621,973,768 953,029,004 33,779,463,914

Cash at banks 425,302 624,549 115,043 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold - 1,369,758 - 241,528,918 Receivables for subscriptions 728,389 17,091,043 29,631,141 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts - 127,693 1,321 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - - 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 1,411,608 1,939,563 310,399 179,032,425

Total assets 618,624,727 3,643,126,374 983,086,908 35,620,612,678

LiabilitiesPayables for investments purchased - - - 294,219,987 Payables for redemptions 3,086,125 10,837,139 2,594,181 165,056,711 Unrealised loss on forward foreign currency exchange contracts - 3,796,116 302,487 61,253,515 Unrealised loss on futures contracts - - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 1,340,602 4,459,358 1,494,233 46,490,872


Net asset value 614,198,000 3,624,033,761 978,696,007 35,016,965,525





USProperty

Fund

EmergingMarkets

Corporate Debt Fund

EmergingMarkets

DebtFund


funds +

USD USD USD USD

AssetsInvestment securities - at cost 552,961,955 429,805,834 677,662,795 31,352,478,397 Unrealised appreciation/(depreciation) 39,966,011 (21,418,995) (33,306,383) 2,426,985,517


Cash at banks 467,136 388,554 1,910,402 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 3,270,405 7,238,065 - 241,528,918 Receivables for subscriptions 1,800,242 3,616,203 599,624 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts - 1,741 5,937 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - 788,206 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 1,856,286 6,134,816 11,293,203 179,032,425

Total assets 600,322,035 425,766,218 658,953,784 35,620,612,678

LiabilitiesPayables for investments purchased 439,563 4,827,149 - 294,219,987 Payables for redemptions 6,348,120 2,502,978 14,313,150 165,056,711 Unrealised loss on forward foreign currency exchange contracts - 721,951 1,154,013 61,253,515 Unrealised loss on futures contracts - - - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 832,639 806,331 1,339,608 46,490,872


Net asset value 592,701,713 416,907,809 642,147,013 35,016,965,525





EmergingMarkets

Domestic DebtFund

EuroBondFund

EuroCorporate

Bond(ex Financials)

Fund


funds +

USD EUR EUR USD

AssetsInvestment securities - at cost 730,396,634 666,854,494 65,781,347 31,352,478,397 Unrealised appreciation/(depreciation) (74,030,459) 29,511,971 1,501,264 2,426,985,517


Cash at banks 3,080,636 41,362,894 305,200 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 5,100,189 - 100,155 241,528,918 Receivables for subscriptions 7,004,448 686,675 - 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 238,726 - 6,111 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - 1,105 193,448 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 13,432,001 11,160,559 1,094,822 179,032,425

Total assets 685,222,175 749,577,698 68,982,347 35,620,612,678

LiabilitiesPayables for investments purchased 5,382,380 - 523,445 294,219,987 Payables for redemptions 4,603,843 26,580,246 - 165,056,711 Unrealised loss on forward foreign currency exchange contracts 1,352,308 - 56,648 61,253,515 Unrealised loss on futures contracts - 387,802 3,256 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - 395,825 - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 1,665,806 648,427 84,826 46,490,872

Total liabilities 13,004,337 28,012,300 668,175 603,647,153

Net asset value 672,217,838 721,565,398 68,314,172 35,016,965,525

\




EuroCorporate

BondFund

EuroStrategic

BondFund

European Currencies High

Yield BondFund


funds +

EUR EUR EUR USD

AssetsInvestment securities - at cost 1,444,695,873 472,456,090 575,905,524 31,352,478,397 Unrealised appreciation/(depreciation) 67,965,634 9,745,269 3,811,875 2,426,985,517

Investment securities 1,512,661,507 482,201,359 579,717,399 33,779,463,914

Cash at banks 3,857,092 2,637,645 705,127 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 1,993,085 600,930 - 241,528,918 Receivables for subscriptions 19,584,336 26,606,738 3,653,240 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 380,483 781,498 245,709 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts 4,987,492 1,410,481 746,569 21,202,062 Unrealised gain on interest rate swap contracts 7,980,780 2,686,535 - 18,446,079 Unrealised gain on credit default swap contracts - - 332,933 1,097,252 Accrued income and other receivables 24,916,616 7,087,824 10,725,729 179,032,425

Total assets 1,576,361,391 524,013,010 596,126,706 35,620,612,678

LiabilitiesPayables for investments purchased 11,726,961 19,164,213 - 294,219,987 Payables for redemptions 4,929,705 1,015,676 12,899,453 165,056,711 Unrealised loss on forward foreign currency exchange contracts 3,832,354 990,134 227,617 61,253,515 Unrealised loss on futures contracts 4,261,550 1,350,750 - 26,376,824 Unrealised loss on interest rate swap contracts 4,338,511 - - 5,653,123 Unrealised loss on credit default swap contracts 1,798,700 22,446 - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 1,726,420 693,448 753,680 46,490,872


Net asset value 1,543,747,190 500,776,343 582,245,956 35,016,965,525





GlobalBondFund

GlobalConvertible

BondFund

GlobalCredit Fund


funds +

USD USD USD USD

AssetsInvestment securities - at cost 510,982,181 761,667,254 70,839,570 31,352,478,397 Unrealised appreciation/(depreciation) (14,335,869) 5,625,122 (2,298,279) 2,426,985,517


Cash at banks 25,429,063 742,795 1,039,253 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits 25,800,623 - - 327,723,699 Receivables for investments sold 11,321,719 1,105,443 289,870 241,528,918 Receivables for subscriptions 293,721 4,815,196 - 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 1,856,417 932,749 391,648 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts 1,310,323 - 113,562 21,202,062 Unrealised gain on interest rate swap contracts 3,264,345 - 206,089 18,446,079 Unrealised gain on credit default swap contracts 548,096 - 13,754 1,097,252 Accrued income and other receivables 5,317,188 3,813,282 976,476 179,032,425

Total assets 571,787,807 778,701,841 71,571,943 35,620,612,678

LiabilitiesPayables for investments purchased 35,862,977 - 434,557 294,219,987 Payables for redemptions 1,752,959 1,514,514 - 165,056,711 Unrealised loss on forward foreign currency exchange contracts 3,058,304 4,158,776 613,833 61,253,515 Unrealised loss on futures contracts 1,902,550 - 115,189 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts 107,112 - 22,772 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 692,661 1,004,915 93,285 46,490,872


Net asset value 528,411,244 772,023,636 70,292,307 35,016,965,525





Global Fixed IncomeOpportunities

Fund

Global HighYield Bond

Fund

GlobalMortgageSecurities

Fund


funds +

USD USD USD USD

AssetsInvestment securities - at cost 196,785,100 122,826,830 288,316,541 31,352,478,397 Unrealised appreciation/(depreciation) (4,637,823) (1,033,131) (3,819,764) 2,426,985,517


Cash at banks 20,483,451 1,630,373 52,388,267 408,956,681 Repurchase agreements - - - 351,596,319 Time deposits - - - 327,723,699 Receivables for investments sold 2,942,258 2,577,630 34,562,459 241,528,918 Receivables for subscriptions 6,869,887 425,397 1,561,051 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 1,027,388 26,978 72 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts - - 6,643 21,202,062 Unrealised gain on interest rate swap contracts 975,149 - - 18,446,079 Unrealised gain on credit default swap contracts 101,587 - - 1,097,252 Accrued income and other receivables 2,496,735 2,423,435 813,043 179,032,425

Total assets 227,043,732 128,877,512 373,828,312 35,620,612,678

LiabilitiesPayables for investments purchased 14,717,209 2,027,360 82,456,625 294,219,987 Payables for redemptions 395,413 5,620,203 505,581 165,056,711 Unrealised loss on forward foreign currency exchange contracts 2,215,422 330,123 845,783 61,253,515 Unrealised loss on futures contracts 530,188 - 2,213,052 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts 189,770 - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 426,495 286,196 318,900 46,490,872


Net asset value 208,569,235 120,613,630 287,488,371 35,016,965,525





Global Premier

Credit Fund

Short MaturityEuro Bond

Fund

EuroLiquidity

Fund


funds +

USD EUR EUR USD

AssetsInvestment securities - at cost 10,355,100 521,564,908 109,255,748 31,352,478,397 Unrealised appreciation/(depreciation) (612,163) 4,169,585 - 2,426,985,517


Cash at banks 448,194 1,683,784 3,443 408,956,681 Repurchase agreements - - 32,000,000 351,596,319 Time deposits - - 24,499,487 327,723,699 Receivables for investments sold - - - 241,528,918 Receivables for subscriptions - 16,820,619 - 168,270,726 Unrealised gain on total return swap contracts - - - 54,886,780 Unrealised gain on forward foreign currency exchange contracts 4,078 - - 40,953,670 Receivables for total return swap contracts - - - 27,454,153Unrealised gain on futures contracts 24,040 654,080 - 21,202,062 Unrealised gain on interest rate swap contracts 100,878 - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 115,393 8,299,038 169,144 179,032,425

Total assets 10,435,520 553,192,014 165,927,822 35,620,612,678

LiabilitiesPayables for investments purchased - 14,001,224 2,999,377 294,219,987 Payables for redemptions - 1,499,114 - 165,056,711 Unrealised loss on forward foreign currency exchange contracts 26,421 - - 61,253,515 Unrealised loss on futures contracts 46,408 119,825 - 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - - - 1,358,607 Distributions payable - - - 29,125 Other payables and accrued expenses 78,814 584,356 152,272 46,490,872

Total liabilities 151,643 16,204,519 3,151,649 603,647,153

Net asset value 10,283,877 536,987,495 162,776,173 35,016,965,525





US DollarLiquidity

Fund

DiversifiedAlpha Plus

Fund

GlobalBalanced

Risk ControlFund of Funds


funds +

USD EUR EUR USD

AssetsInvestment securities - at cost 3,306,128,705 1,110,324,422 367,666,468 31,352,478,397 Unrealised appreciation/(depreciation) - (1,333,624) 2,255,724 2,426,985,517

Investment securities 3,306,128,705 1,108,990,798 369,922,192 33,779,463,914

Cash at banks 200,063 79,232,978 82,160,572 408,956,681 Repurchase agreements 309,900,000 - - 351,596,319 Time deposits 270,000,000 - - 327,723,699 Receivables for investments sold - 40,250,862 26,795,683 241,528,918 Receivables for subscriptions - 20,177,033 4,792,666 168,270,726 Unrealised gain on total return swap contracts - 42,123,070 - 54,886,780 Unrealised gain on forward foreign currency exchange contracts - 26,338,205 - 40,953,670 Receivables for total return swap contracts - 21,069,795 - 27,454,153Unrealised gain on futures contracts - 6,426,112 111,756 21,202,062 Unrealised gain on interest rate swap contracts - - - 18,446,079 Unrealised gain on credit default swap contracts - - - 1,097,252 Accrued income and other receivables 1,865,429 3,652,185 182,811 179,032,425

Total assets 3,888,094,197 1,348,261,038 483,965,680 35,620,612,678

LiabilitiesPayables for investments purchased - 45,068,785 37,165,937 294,219,987 Payables for redemptions - 1,808,451 448,182 165,056,711 Unrealised loss on forward foreign currency exchange contracts - 18,841,900 - 61,253,515 Unrealised loss on futures contracts - 10,074,321 317,589 26,376,824 Unrealised loss on interest rate swap contracts - - - 5,653,123 Unrealised loss on credit default swap contracts - - - 3,208,389 Unrealised loss on total return swap contracts - 1,042,668 - 1,358,607 Distributions payable 29,125 - - 29,125 Other payables and accrued expenses 2,385,891 1,720,423 826,339 46,490,872


Net asset value 3,885,679,181 1,269,704,490 445,207,633 35,016,965,525




Statement of changes in number of sharesFor the period ended 30 June 2013

Shares at the start of the period

Number of sharesissued

Number of sharesredeemed

Shares at the end of the period

Asian Equity Fund (USD)

Share Class A 1,020,755 96,630 (206,381) 911,004 Share Class B 1,196,439 122,789 (314,962) 1,004,266 Share Class C 3,565 333 (56) 3,842 Share Class I 1,824,050 69,377 (243,768) 1,649,659 Share Class Z 2,449,668 988,998 (2,730,625) 708,041

Asia-Pacific Equity Fund (USD)

Share Class A 6,360 5,443 (1,718) 10,085 Share Class AH (EUR) 1,571 6,943 (1,166) 7,348 Share Class B 79,562 25,919 (10,166) 95,315 Share Class BH (EUR) 53,156 9,240 (4,351) 58,045 Share Class C 400 - - 400 Share Class N 4,353,751 - - 4,353,751 Share Class Z 400 - - 400

Asian Property Fund (USD)

Share Class A 12,667,435 4,606,308 (5,726,424) 11,547,319 Share Class AX 332,937 73,767 (115,752) 290,952 Share Class B 2,171,293 383,747 (529,873) 2,025,167 Share Class I 10,889,607 2,054,240 (5,135,988) 7,807,859 Share Class IX 1,644,269 48,072 (66,221) 1,626,120 Share Class Z 788,731 260,381 (619,050) 430,062

Emerging Europe, Middle East and Africa Equity Fund (EUR)

Share Class A 1,867,196 110,362 (360,210) 1,617,348 Share Class AX 42,842 3,607 (2,322) 44,127 Share Class B 1,528,346 59,133 (270,222) 1,317,257 Share Class C 24,497 3,709 (8,782) 19,424 Share Class I 51,439 200 (3,105) 48,534 Share Class Z 153,700 858,976 (914,194) 98,482

Emerging Leaders Equity Fund (USD)

Share Class A 119,719 1,688,143 (123,607) 1,684,255 Share Class AH (EUR) 97,872 505,738 (41,063) 562,547 Share Class AX* - 79,628 - 79,628 Share Class B 235,022 548,155 (46,167) 737,010 Share Class BH (EUR) 217,353 560,678 (56,922) 721,109 Share Class C 16,224 208,015 (24,191) 200,048 Share Class CH (EUR) 320 78,726 (3,444) 75,602 Share Class I 4,000 177,676 (6,950) 174,726 Share Class Z 945,597 680,128 (270,878) 1,354,847 Share Class ZH (EUR)* - 61,707 (838) 60,869

Emerging Markets Equity Fund (USD)

Share Class A 2,465,045 534,709 (351,166) 2,648,588 Share Class B 2,419,397 314,485 (550,964) 2,182,918 Share Class C 40,802 46,739 (26,328) 61,213 Share Class I 6,342,992 423,976 (754,828) 6,012,140 Share Class N 9,678,020 252,290 (625,272) 9,305,038 Share Class Z 18,505,260 6,402,136 (6,524,112) 18,383,284

European Equity Alpha Fund (EUR)

Share Class A 3,817,958 784,264 (536,042) 4,066,180 Share Class AH (USD)* - 37,926 - 37,926 Share Class AX 308 - (308) - Share Class B 1,148,616 309,504 (276,237) 1,181,883 Share Class C 36,142 13,107 (6,325) 42,924 Share Class I 626,375 427,200 (496,725) 556,850 Share Class Z 10,244,379 4,736,069 (3,483,615) 11,496,833 Share Class ZH (GBP) 2,298,263 3,409 - 2,301,672

European Property Fund (EUR)

Share Class A 4,378,240 2,673,527 (2,978,579) 4,073,188 Share Class B 768,798 102,149 (229,164) 641,783 Share Class I 1,595,765 797,539 (1,369,892) 1,023,412 Share Class IX 39,251 - (15,387) 23,864 Share Class Z 2,575,638 161,424 (185,805) 2,551,257

* Share Class was launched during the period.



Statement of changes in number of shares (continued)For the period ended 30 June 2013





Eurozone Equity Alpha Fund (EUR)

Share Class A 5,307,501 918,273 (2,465,551) 3,760,223 Share Class AH (USD)* - 38,566 - 38,566 Share Class B 1,843,357 591,379 (561,537) 1,873,199 Share Class I 300,722 1,372,369 (1,601,255) 71,836 Share Class Z 3,150,305 2,121,693 (1,376,477) 3,895,521

Frontier Emerging Markets Equity Fund (USD) (1)

Share Class A - 10,088 (59) 10,029 Share Class B - 4,000 - 4,000 Share Class C - 4,000 - 4,000 Share Class I - 4,000 - 4,000 Share Class Z - 172,000 - 172,000 Share Class AH (EUR) - 3,120 - 3,120 Share Class BH (EUR) - 3,120 - 3,120 Share Class CH (EUR) - 3,120 - 3,120

Global Advantage Fund (USD) (2)

Share Class A - 4,000 - 4,000 Share Class B - 4,000 - 4,000 Share Class C - 4,000 - 4,000 Share Class I - 4,000 - 4,000 Share Class Z - 64,000 - 64,000

Global Brands Fund (USD)

Share Class A 35,211,629 86,718 (7,381,403) 27,916,944 Share Class AH (CHF) 1,677,332 - (283,811) 1,393,521 Share Class AH (EUR) 7,459,567 29,348 (1,269,746) 6,219,169 Share Class AHX (EUR) 756,434 58 (30,691) 725,801 Share Class AX 4,333,716 731 (1,160,293) 3,174,154 Share Class B 7,825,135 33,999 (916,677) 6,942,457 Share Class BH (EUR) 6,225,544 25,960 (728,470) 5,523,034 Share Class BHX (EUR) 498,011 391 (49,196) 449,206 Share Class BX 806,082 86 (66,470) 739,698 Share Class C 4,715,918 1,866 (233,912) 4,483,872 Share Class CH (EUR) 223,511 242 (52,116) 171,637 Share Class I 15,710,256 1,094 (2,901,300) 12,810,050 Share Class Z 63,711,831 26,027,554 (14,755,571) 74,983,814 Share Class ZH (EUR) 9,084,794 5,013,971 (1,488,570) 12,610,195 Share Class ZH (GBP) 3,633,527 284,588 (250,362) 3,667,753 Share Class ZX 9,270,670 1,743,044 (2,365,761) 8,647,953

Global Equity Allocation Fund (USD)

Share Class A 6,409 42,392 (25,859) 22,942 Share Class B 17,233 68,925 (2,845) 83,313 Share Class Z 472,000 - - 472,000

Global Infrastructure Fund (USD)

Share Class A 1,530,398 1,025,274 (535,830) 2,019,842 Share Class AH (EUR) 304,583 239,605 (72,763) 471,425 Share Class B 1,084,979 399,794 (184,208) 1,300,565 Share Class BH (EUR) 966,107 236,047 (190,068) 1,012,086 Share Class C 16,589 91,149 (4,606) 103,132 Share Class CH (EUR) 320 26,048 (320) 26,048 Share Class I 119,888 1,165 - 121,053 Share Class Z 1,278,166 2,551,920 (1,566,790) 2,263,296 Share Class ZH (EUR) 207,813 104,854 (37,647) 275,020

Global Opportunity Fund (USD)

Share Class A 64,604 101,573 (65,675) 100,502 Share Class AH (EUR) 7,894 2,883 (4,826) 5,951 Share Class B 61,690 110,577 (74,669) 97,598 Share Class BH (EUR) 93,236 15,657 (63,902) 44,991 Share Class C 362 1,621 (320) 1,663 Share Class I 100,975 4,056 - 105,031 Share Class Z 1,808,622 169,175 (373,796) 1,604,001

(1) Fund commenced operations on 28 March 2013.(2) Fund commenced operations on 31 January 2013.* Share Class was launched during the period.








Global Property Fund (USD)

Share Class A 4,807,106 3,367,842 (2,124,923) 6,050,025 Share Class AH (EUR) 48,503 65,672 (45,858) 68,317 Share Class B 896,502 211,660 (160,638) 947,524 Share Class BH (EUR) 252,214 44,697 (135,103) 161,808 Share Class C 133,580 223,629 (32,482) 324,727 Share Class CH (EUR) 387 7,236 (202) 7,421 Share Class I 2,113,881 1,473,159 (1,519,897) 2,067,143 Share Class IX 151,764 68,948 (7,600) 213,112 Share Class Z 17,442,765 8,711,438 (7,086,818) 19,067,385

Indian Equity Fund (USD)

Share Class A 2,705,742 328,744 (1,113,008) 1,921,478 Share Class B 1,782,909 89,125 (396,749) 1,475,285 Share Class C 6,144 2,488 (2,813) 5,819 Share Class I 51,655 237,121 (237,121) 51,655 Share Class N* - 1,395,550 - 1,395,550 Share Class Z 166,829 217,366 (29,163) 355,032

Japanese Equity Fund (JPY)

Share Class A 259,830 269,650 (348,560) 180,920 Share Class B 55,801 92,341 (29,012) 119,130 Share Class C 2,308 3,062 (2,299) 3,071 Share Class I 63,958 - - 63,958 Share Class Z 1,171,127 1,869,210 (743,307) 2,297,030 Share Class ZH (EUR) 969,342 235,701 (1,154,286) 50,757

Latin American Equity Fund (USD)

Share Class A 9,167,198 570,464 (1,678,326) 8,059,336 Share Class B 1,058,471 52,372 (345,590) 765,253 Share Class C 148,457 1,116 (138,296) 11,277 Share Class I 925,870 414,791 (628,868) 711,793 Share Class Z 1,508,348 821,119 (1,205,479) 1,123,988

US Advantage Fund (USD)

Share Class A 29,834,271 10,564,668 (13,360,763) 27,038,176 Share Class AH (EUR) 7,540,744 2,353,873 (5,892,766) 4,001,851 Share Class B 3,816,296 1,248,917 (1,310,410) 3,754,803 Share Class BH (EUR) 938,924 333,972 (320,609) 952,287 Share Class C 1,331,465 517,744 (216,311) 1,632,898 Share Class I 7,091,667 2,434,642 (3,876,550) 5,649,759 Share Class N 2,167,667 - (2,167,667) - Share Class Z 38,920,658 10,543,005 (16,776,294) 32,687,369 Share Class ZH (EUR) 7,438,953 6,222,780 (3,732,722) 9,929,011

US Growth Fund (USD)

Share Class A 8,864,821 2,460,833 (2,196,554) 9,129,100 Share Class AH (EUR) 1,356,491 241,881 (428,317) 1,170,055 Share Class AX 949,829 56,026 (437,033) 568,822 Share Class B 1,354,267 170,350 (300,204) 1,224,413 Share Class BH (EUR) 341,127 70,051 (256,766) 154,412 Share Class C 127,544 68,474 (19,201) 176,817 Share Class CH (EUR) 320 1,246 - 1,566 Share Class I 2,381,003 1,110,557 (1,610,831) 1,880,729 Share Class IX 1,303,731 281,452 (179,610) 1,405,573 Share Class Z 6,931,591 7,807,067 (7,085,821) 7,652,837 Share Class ZH (EUR) 343,498 4,535,964 (4,607,366) 272,096

US Property Fund (USD)

Share Class A 5,531,915 4,481,790 (2,655,017) 7,358,688 Share Class B 392,463 423,594 (156,638) 659,419 Share Class I 680,605 760,301 (676,878) 764,028 Share Class Z 2,271,130 1,553,232 (1,493,690) 2,330,672








Emerging Markets Corporate Debt Fund (USD)

Share Class A 2,171,677 1,562,378 (510,598) 3,223,457 Share Class AH (EUR) 939,450 1,238,950 (156,703) 2,021,697 Share Class AHX (EUR) 109,543 99,405 (20,707) 188,241 Share Class AX 234,209 279,070 (22,513) 490,766 Share Class B 1,070,894 592,857 (201,835) 1,461,916 Share Class BH (EUR) 627,579 505,995 (154,086) 979,488 Share Class BHX (EUR) 784,213 532,369 (183,908) 1,132,674 Share Class BX 636,574 327,369 (120,765) 843,178 Share Class C 144,665 558,260 (2,502) 700,423 Share Class CH (EUR) 320 15,644 (320) 15,644 Share Class I* - 18,859 (78) 18,781 Share Class Z 910,469 4,510,083 (2,981,804) 2,438,748

Emerging Markets Debt Fund (USD)

Share Class A 2,739,285 567,842 (1,246,106) 2,061,021 Share Class AH (EUR) 1,113,086 241,014 (692,409) 661,691 Share Class AHX (EUR) 67,743 37,000 (18,753) 85,990 Share Class ARM 3,216,800 1,071,956 (1,911,323) 2,377,433 Share Class AX 112,065 27,609 (21,221) 118,453 Share Class B 2,292,785 171,124 (614,600) 1,849,309 Share Class BH (EUR) 1,697,236 241,928 (575,893) 1,363,271 Share Class BHX (EUR) 527,046 245,932 (154,393) 618,585 Share Class BX 756,850 316,009 (146,016) 926,843 Share Class C 73,919 18,918 (29,972) 62,865 Share Class CH (EUR) 320 1,572 (77) 1,815 Share Class I 571,780 60,879 (169,878) 462,781 Share Class NH (EUR) 400,000 - - 400,000 Share Class Z 3,366,264 1,844,084 (3,282,422) 1,927,926 Share Class ZH (EUR) 432,752 135,363 (299,894) 268,221 Share Class ZHX (GBP) 830,787 77,793 (76,486) 832,094

Emerging Markets Domestic Debt Fund (USD)

Share Class A 4,096,341 1,378,722 (1,084,703) 4,390,360 Share Class AH (EUR) 152,548 182,617 (65,105) 270,060 Share Class AHX (EUR) 26,526 84,331 (22,643) 88,214 Share Class ARM 159,757 268,520 (111,024) 317,253 Share Class AX 1,608,077 99,481 (600,298) 1,107,260 Share Class B 6,206,450 764,391 (1,168,401) 5,802,440 Share Class BH (EUR) 1,593,255 373,025 (457,046) 1,509,234 Share Class BHX (EUR) 380,770 371,314 (131,960) 620,124 Share Class BX 726,340 680,358 (92,724) 1,313,974 Share Class C 416,359 21,695 (101,472) 336,582 Share Class CH (EUR) 320 19,547 (1,448) 18,419 Share Class I 912,356 657,592 (1,400,022) 169,926 Share Class Z 3,962,267 2,917,542 (4,192,064) 2,687,745 Share Class ZH (EUR) 2,394,676 683,909 (2,461,806) 616,779 Share Class ZX 2,227,199 1,683,110 (1,238,878) 2,671,431

Euro Bond Fund (EUR)

Share Class A 7,649,005 1,491,450 (2,203,392) 6,937,063 Share Class B 5,198,319 652,172 (1,573,558) 4,276,933 Share Class C 65,995 15,717 (4,445) 77,267 Share Class I 1,697,907 1,089,950 (1,778,694) 1,009,163 Share Class Z 15,139,156 3,719,524 (2,275,969) 16,582,711

Euro Corporate Bond (ex Financials) Fund (EUR)

Share Class A 99,581 37,003 (26,232) 110,352 Share Class AX 2,549 2,952 (1,004) 4,497 Share Class N 2,878,893 - (562,000) 2,316,893 Share Class Z 1,064,518 34,096 (1,096,270) 2,344










Euro Corporate Bond Fund (EUR)

Share Class A 9,643,090 2,635,521 (3,466,163) 8,812,448 Share Class AD 5,388,595 1,451,732 (5,327,909) 1,512,418 Share Class ADX 105,895 158,874 (20,910) 243,859 Share Class AX 2,891,474 372,329 (689,704) 2,574,099 Share Class B 4,560,189 527,726 (1,148,469) 3,939,446 Share Class BD 1,915,561 186,690 (536,220) 1,566,031 Share Class BDX 1,115,224 141,012 (251,469) 1,004,767 Share Class BH (USD)* - 705,469 (97,933) 607,536 Share Class BX 1,534,775 545,112 (335,398) 1,744,489 Share Class C 51,427 108,065 (28,989) 130,503 Share Class CD 7,579 1,113 (2,286) 6,406 Share Class I 4,234,770 534,131 (3,763,051) 1,005,850 Share Class ID* - 1,756,820 (1,619) 1,755,201 Share Class NX 82,402 - - 82,402 Share Class S 2,691,278 813,008 - 3,504,286 Share Class Z 8,186,415 4,786,511 (5,693,632) 7,279,294 Share Class ZD 3,809,968 8,190,152 (1,417,977) 10,582,143 Share Class ZOX* - 1,398,257 - 1,398,257

Euro Strategic Bond Fund (EUR)

Share Class A 2,873,420 635,373 (436,249) 3,072,544 Share Class AD 299,983 36,933 (86,967) 249,949 Share Class ADX 144,575 26,928 (39,777) 131,726 Share Class AX 2,446,052 2,024,500 (1,847,937) 2,622,615 Share Class B 3,405,565 543,464 (739,420) 3,209,609 Share Class BD 1,483,228 145,439 (465,222) 1,163,445 Share Class BDX 1,736,902 174,953 (357,823) 1,554,032 Share Class BX 1,436,470 324,081 (273,404) 1,487,147 Share Class C 5,786 9,239 (443) 14,582 Share Class CD 17,939 2,065 (3,560) 16,444 Share Class I 491,746 578,589 (929,024) 141,311 Share Class Z 944,414 919,147 (318,247) 1,545,314 Share Class ZD 487,803 1,014,896 (17,277) 1,485,422

European Currencies High Yield Bond Fund (EUR)

Share Class A 5,618,866 2,800,460 (3,382,764) 5,036,562 Share Class AD 4,273 3,091 (3,831) 3,533 Share Class ADX 107,278 89,902 (19,622) 177,558 Share Class AX 57,610 71,367 (13,541) 115,436 Share Class B 8,256,712 1,229,730 (2,135,239) 7,351,203 Share Class BD 78,419 90,418 (22,933) 145,904 Share Class BDX 741,209 256,971 (133,169) 865,011 Share Class BX 996,190 853,413 (148,749) 1,700,854 Share Class C 147,213 46,039 (22,359) 170,893 Share Class CD 1,442 1,309 - 2,751 Share Class I 8,018,526 6,627,364 (6,889,703) 7,756,187 Share Class Z 3,865,801 1,593,977 (3,337,844) 2,121,934 Share Class ZX* - 1,396,623 - 1,396,623

Global Bond Fund (USD)

Share Class A 2,817,455 319,551 (785,503) 2,351,503 Share Class AH (EUR) 161,497 36,928 (125,184) 73,241 Share Class AHX (EUR) 48,100 14,736 (7,394) 55,442 Share Class AX 113,767 4,746 (17,607) 100,906 Share Class B 3,987,745 175,262 (1,483,124) 2,679,883 Share Class BH (EUR) 1,566,710 100,656 (760,584) 906,782 Share Class BHX (EUR) 496,363 103,520 (232,418) 367,465 Share Class BX 712,702 194,112 (358,048) 548,766 Share Class C 71,232 1,809 (46,141) 26,900 Share Class CH (EUR) 320 769 - 1,089 Share Class I 1,727,170 191,361 (14,626) 1,903,905 Share Class Z 7,899,201 1,715,006 (2,729,974) 6,884,233









Global Convertible Bond Fund (USD)

Share Class A 1,989,402 1,959,047 (1,001,993) 2,946,456 Share Class AH (CHF) 380 11,534 (512) 11,402 Share Class AH (EUR) 1,522,500 708,236 (328,469) 1,902,267 Share Class B 841,235 870,140 (847,831) 863,544 Share Class BH (EUR) 1,417,487 936,905 (911,496) 1,442,896 Share Class CH (EUR) 18,699 32,980 (5,771) 45,908 Share Class I 409,387 1,968,981 (1,775,924) 602,444 Share Class IH (EUR) 1,996,429 972,861 (245,751) 2,723,539 Share Class S 16,460,941 19,975 (16,480,916) - Share Class Z 997,662 2,218,917 (195,536) 3,021,043 Share Class ZH (CHF) 380 - - 380 Share Class ZH (EUR) 2,442,808 4,060,181 (3,338,046) 3,164,943 Share Class ZHX (EUR) 2,529,519 600 - 2,530,119

Global Credit Fund (USD)

Share Class A 4,000 - - 4,000 Share Class B 4,000 466 (246) 4,220 Share Class C 4,000 2,008 - 6,008 Share Class I 4,000 - - 4,000 Share Class Z 780,000 2,039,216 - 2,819,216 Share Class ZX 4,000 14 - 4,014

Global Fixed Income Opportunities Fund (USD)

Share Class A 244,353 406,265 (134,086) 516,532 Share Class AH (EUR) 121,226 130,365 (93,491) 158,100 Share Class AHX (EUR) 240,739 219,299 (21,666) 438,372 Share Class AX 76,000 121,822 (40,615) 157,207 Share Class B 588,616 580,440 (109,013) 1,060,043 Share Class BH (EUR) 359,784 708,555 (74,562) 993,777 Share Class BHX (EUR) 562,036 898,047 (103,289) 1,356,794 Share Class BX 276,154 518,326 (81,897) 712,583 Share Class C 2,178 93,596 (1,949) 93,825 Share Class CH (EUR) 320 40,012 (3,109) 37,223 Share Class CHX (EUR) 320 13,822 (1,129) 13,013 Share Class Z 1,656,973 1,301,087 (1,773,531) 1,184,529 Share Class ZH (EUR)* - 118,430 (320) 118,110

Global High Yield Bond Fund (USD)

Share Class A 92,178 158,282 (80,760) 169,700 Share Class AH (EUR) 21,191 199,160 (78,085) 142,266 Share Class AHX (EUR) 34,280 117,826 (6,367) 145,739 Share Class AX 17,882 46,832 (879) 63,835 Share Class B 150,355 469,560 (52,791) 567,124 Share Class BH (EUR) 77,861 311,589 (40,051) 349,399 Share Class BHX (EUR) 320,810 766,383 (72,960) 1,014,233 Share Class BX 141,251 507,414 (17,048) 631,617 Share Class C 33,718 19,204 (26,862) 26,060 Share Class CH (EUR) 320 3,891 - 4,211 Share Class Z 367,921 257,942 (189,385) 436,478 Share Class ZX 4,000 63 - 4,063

Global Mortgage Securities Fund (USD)

Share Class A 4,000 1,929,920 (80,141) 1,853,779 Share Class AH (EUR) 3,080 83,548 (3,080) 83,548 Share Class AHR (EUR) 310 1,180 - 1,490 Share Class AHX (EUR) 3,080 848 (352) 3,576 Share Class AX* - 29,422 (400) 29,022 Share Class B 4,000 6,825 - 10,825 Share Class BH (EUR) 3,080 5,609 (195) 8,494 Share Class BHR (EUR) 310 1 - 311 Share Class BHX (EUR) 3,080 9,197 - 12,277 Share Class C 4,000 393,882 (11,873) 386,009 Share Class CH (EUR) 3,080 734 - 3,814 Share Class CHX (EUR) 3,080 2,492 - 5,572 Share Class CX* - 42,388 (400) 41,988 Share Class I 4,000 1,149,165 (7,086) 1,146,079 Share Class IH (EUR)* - 2,990,210 (21,179) 2,969,031 Share Class IHX (EUR)* - 2,403,366 (12,003) 2,391,363 Share Class Z 755,200 2,044,489 (2,059,693) 739,996 Share Class ZH (EUR)* - 267,071 - 267,071 Share Class ZX 4,000 - - 4,000








Global Premier Credit Fund (USD)

Share Class A 4,000 6,692 - 10,692 Share Class AH (EUR) 3,080 - - 3,080 Share Class B 4,000 13,752 - 17,752 Share Class BH (EUR) 3,080 1,864 - 4,944 Share Class C 4,000 1,940 - 5,940 Share Class CH (EUR) 3,080 301 (201) 3,180 Share Class I 4,000 - - 4,000 Share Class Z 368,000 - - 368,000 Share Class ZX 4,000 5 - 4,005

Short Maturity Euro Bond Fund (EUR)

Share Class A 6,467,606 1,173,163 (4,292,551) 3,348,218 Share Class B 8,191,503 2,196,419 (3,010,554) 7,377,368 Share Class C 13,416 41,987 (2,872) 52,531 Share Class I 3,318,374 1,699,037 (2,258,187) 2,759,224 Share Class Z 4,182,217 7,873,142 (2,617,257) 9,438,102

Euro Liquidity Fund (EUR)

Share Class A 3,499,465 1,224,151 (3,166,935) 1,556,681 Share Class B 3,454,016 108,089 (1,900,974) 1,661,131 Share Class C 3,657 11,965 (10,132) 5,490 Share Class I 987,341 147,250 (972,122) 162,469 Share Class Z 649,052 4,675,161 (641,194) 4,683,019

US Dollar Liquidity Fund (USD)

Share Class A 15,975,043 7,703,296 (15,018,012) 8,660,327 Share Class AX 3,338,632,974 1,740,302,359 (1,398,044,884) 3,680,890,449 Share Class B 108,868 22,534 (28,317) 103,085 Share Class BX 1,065,186 756,865 (230,064) 1,591,987 Share Class I 3,395,358 2,904,027 (835,957) 5,463,428 Share Class Z 1,968,783 927,059 (2,293,676) 602,166

Diversified Alpha Plus Fund (EUR)

Share Class A 3,659,340 3,955,848 (1,086,749) 6,528,439 Share Class AH (USD) 1,593,065 480,207 (85,386) 1,987,886 Share Class B 10,467,383 2,322,685 (1,599,642) 11,190,426 Share Class BH (USD) 80,659 7,871 (12,896) 75,634 Share Class C 128,773 219,252 (18,990) 329,035 Share Class I 330,007 329,546 (150,720) 508,833 Share Class Z 4,495,592 6,215,811 (1,036,394) 9,675,009 Share Class ZH (GBP) 3,563,874 4,969,859 (316,230) 8,217,503 Share Class ZH (USD) 42,450 675,230 (20,180) 697,500

Global Balanced Risk Control Fund of Funds (EUR)

Share Class A 321,808 1,659,224 (155,497) 1,825,535 Share Class B 2,575,120 5,627,179 (320,856) 7,881,443 Share Class C 320 624,249 (2,152) 622,417 Share Class Z 3,843,807 1,559,992 (100,943) 5,302,856

Absolute Return Currency Fund (EUR) (1)

Share Class A 180,369 228 (180,597) - Share Class A1 304 - (304) - Share Class AH (SEK) 33,948 - (33,948) - Share Class AH (USD) 87,849 758 (88,607) - Share Class B 596,527 1,116 (597,643) - Share Class I 2,468 - (2,468) - Share Class IH (USD) 1,117 - (1,117) - Share Class Z 10,000 - (10,000) -

(1) Fund closed on 8 March 2013.




Statement of operations and changes in net assetsFor the period ended 30 June 2013

AsianEquityFund

Asia-PacificEquity

Fund

Asian Property

Fund

Emerging Europe,Middle Eastand Africa

Equity Fund


funds +

USD USD USD EUR USD

Income Dividends (net of withholding taxes) 2,116,619 1,455,073 7,268,263 3,737,003 288,458,968Interest on bonds - - - - 207,675,384Interest on swap transactions - - - - 2,342,041Other income - - - - 1,247,547Income from securities lending 84,785 40,161 - - 1,109,395Bank interest 13 6 2 32 567,966

Total income 2,201,417 1,495,240 7,268,265 3,737,035 501,401,301

ExpensesInvestment advisory fees 1,074,950 31,164 2,992,556 1,547,761 165,766,104Distributor Fees 202,727 19,097 187,661 392,639 23,277,408Shareholder Services Fee 114,895 3,112 320,159 143,608 18,488,881Administration fees and transfer agent fees 73,401 55,826 215,502 110,682 7,734,965Interest on swap transactions - - - - 6,865,081Taxe d’abonnement 43,964 6,468 133,266 47,565 5,385,740Depositary, custodian fees and transactions fees 218,756 156,209 92,962 91,072 4,184,665Printing and publication fees 9,057 4,101 20,956 7,625 1,185,574Legal fees 20,932 20,932 20,932 15,824 876,690Audit related fees 9,338 9,657 9,530 8,261 431,375Professional fees 6,526 4,692 4,692 3,607 288,930Director fees, expenses and insurance 3,004 3,004 3,004 2,295 151,809Bank interest 38 - 2,365 58 12,739Tax charges (excluding Taxe d’abonnement) 4,910 (24,872) 6,002 3,804 (121,784)Other fees 11,639 11,955 13,610 5,355 1,612,190

Total expenses 1,794,137 301,345 4,023,197 2,380,156 236,140,367

Plus fee waiver income 1,026 70,793 - 394 8,038,566

Net investment income/(loss) 408,306 1,264,688 3,245,068 1,357,273 273,299,500

Net realised gain/(loss) on sales of investments 15,291,036 (794,547) 42,335,068 10,659,425 730,433,189Net realised gain/(loss) on financial futures contracts - - - - 24,915,377Net realised gain/(loss) on credit default swap contracts - - - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions 162,067 40,284 (67,992) (35,690) (13,416,453)

Net realised profit/(loss) for the period 15,861,409 510,425 45,512,144 11,981,008 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments (21,196,531) (4,532,275) (49,516,068) (17,964,674) (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts - - - - (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (7,446) (8,278) (1,589) - (21,513,329)

Net change in net assets as a result of operations (5,342,568) (4,030,128) (4,005,513) (5,983,666) 958,397,630

Dividend distribution - - (289,233) (1,705) (20,464,761)

Proceeds received on subscription of shares 40,736,062 1,274,991 159,416,972 28,835,851 12,413,123,139Net amount paid on redemption of shares (111,473,011) (456,796) (260,272,792) (56,602,522) (12,643,135,048)

Net change in net assets as a result of capital transactions (70,736,949) 818,195 (100,855,820) (27,766,671) (230,011,909)

Total increase/(decrease) in net assets (76,079,517) (3,211,933) (105,150,566) (33,752,042) 707,920,960

Net assets at beginning of period 244,763,253 110,829,486 566,352,803 206,078,040 34,213,588,251Translation difference - - - - 95,456,314

Net assets at end of period 168,683,736 107,617,553 461,202,237 172,325,998 35,016,965,525




Statement of operations and changes in net assets (continued)For the period ended 30 June 2013

Emerging Leaders

Equity Fund

EmergingMarkets

EquityFund

EuropeanEquityAlphaFund

EuropeanProperty

Fund


funds +

USD USD EUR EUR USD

Income Dividends (net of withholding taxes) 1,008,124 16,811,237 14,552,563 4,868,792 288,458,968Interest on bonds - - - - 207,675,384Interest on swap transactions - - - - 2,342,041Other income - 48,123 - - 1,247,547Income from securities lending 1,230 185,126 169,567 31,318 1,109,395Bank interest 21 25 - 4 567,966

Total income 1,009,375 17,044,511 14,722,130 4,900,114 501,401,301

ExpensesInvestment advisory fees 870,383 5,522,068 2,682,484 1,124,585 165,766,104Distributor Fees 145,741 399,105 177,430 71,339 23,277,408Shareholder Services Fee 63,862 431,780 317,128 120,309 18,488,881Administration fees and transfer agent fees 58,921 219,520 138,449 76,044 7,734,965Interest on swap transactions - - - - 6,865,081Taxe d’abonnement 19,068 158,026 71,763 37,651 5,385,740Depositary, custodian fees and transactions fees 47,306 635,596 48,359 25,239 4,184,665Printing and publication fees 3,240 51,593 20,834 8,315 1,185,574Legal fees 20,932 20,932 15,824 15,824 876,690Audit related fees 9,551 10,677 7,402 7,230 431,375Professional fees 4,692 28,279 3,607 3,607 288,930Director fees, expenses and insurance 3,004 3,004 2,295 2,295 151,809Bank interest 25 874 2 - 12,739Tax charges (excluding Taxe d’abonnement) 949 22,784 5,263 3,408 (121,784)Other fees 18,319 18,552 33,645 7,313 1,612,190

Total expenses 1,265,993 7,522,790 3,524,485 1,503,159 236,140,367

Plus fee waiver income 905 - 299 444 8,038,566

Net investment income/(loss) (255,713) 9,521,721 11,197,944 3,397,399 273,299,500

Net realised gain/(loss) on sales of investments 3,321,526 38,474,043 7,822,316 3,534,929 730,433,189Net realised gain/(loss) on financial futures contracts - - - - 24,915,377Net realised gain/(loss) on credit default swap contracts - - - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions (13,534) (160,310) (2,994,798) (77,094) (13,416,453)

Net realised profit/(loss) for the period 3,052,279 47,835,454 16,025,462 6,855,234 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments (8,286,688) (128,651,365) 15,081,448 (10,851,504) (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts - - - - (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (206,779) (4,163) (721,399) (446) (21,513,329)

Net change in net assets as a result of operations (5,441,188) (80,820,074) 30,385,511 (3,996,716) 958,397,630

Dividend distribution - - (8) (2,022) (20,464,761)

Proceeds received on subscription of shares 137,193,885 225,002,789 204,221,738 92,218,371 12,413,123,139Net amount paid on redemption of shares (16,775,157) (256,959,979) (158,115,497) (112,199,818) (12,643,135,048)

Net change in net assets as a result of capital transactions 120,418,728 (31,957,190) 46,106,241 (19,981,447) (230,011,909)

Total increase/(decrease) in net assets 114,977,540 (112,777,264) 76,491,744 (23,980,185) 707,920,960

Net assets at beginning of period 45,873,789 1,394,324,169 562,973,137 224,752,052 34,213,588,251Translation difference - - - - 95,456,314

Net assets at end of period 160,851,329 1,281,546,905 639,464,881 200,771,867 35,016,965,525





EurozoneEquityAlphaFund

Frontier Emerging

Markets Equity Fund (1)

Global Advantage

Fund (2)

GlobalBrands

Fund


funds +

EUR USD USD USD USD

Income Dividends (net of withholding taxes) 3,648,643 71,001 15,800 155,243,874 288,458,968Interest on bonds - - - - 207,675,384Interest on swap transactions - - - - 2,342,041Other income - - - - 1,247,547Income from securities lending 69,334 - - - 1,109,395Bank interest - - 2 - 567,966

Total income 3,717,977 71,001 15,802 155,243,874 501,401,301

ExpensesInvestment advisory fees 792,554 18,693 8,553 49,664,582 165,766,104Distributor Fees 74,708 527 408 4,571,553 23,277,408Shareholder Services Fee 84,720 1,206 741 5,237,903 18,488,881Administration fees and transfer agent fees 54,918 23,267 27,173 1,410,968 7,734,965Interest on swap transactions - - - - 6,865,081Taxe d’abonnement 19,903 221 148 1,554,013 5,385,740Depositary, custodian fees and transactions fees 27,323 4,339 14,359 593,485 4,184,665Printing and publication fees 5,397 94 432 274,078 1,185,574Legal fees 15,824 10,503 17,037 20,932 876,690Audit related fees 7,131 5,557 6,080 10,996 431,375Professional fees 3,607 3,640 2,583 59,756 288,930Director fees, expenses and insurance 2,295 1,386 2,152 3,004 151,809Bank interest - - - 2 12,739Tax charges (excluding Taxe d’abonnement) 3,045 17 117 33,604 (121,784)Other fees 7,070 875 1,638 476,127 1,612,190

Total expenses 1,098,495 70,325 81,421 63,911,003 236,140,367

Plus fee waiver income 416 44,893 69,115 - 8,038,566

Net investment income/(loss) 2,619,898 45,569 3,496 91,332,871 273,299,500

Net realised gain/(loss) on sales of investments 3,171,702 6,152 11,232 219,357,017 730,433,189Net realised gain/(loss) on financial futures contracts - - - - 24,915,377Net realised gain/(loss) on credit default swap contracts - - - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions (2,861) 1,270 (1,094) (29,372,057) (13,416,453)

Net realised profit/(loss) for the period 5,788,739 52,991 13,634 281,317,831 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments 1,881,435 128,939 (21,259) 456,887,581 (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts - - - - (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions 3,388 (1,435) - (8,687,290) (21,513,329)

Net change in net assets as a result of operations 7,673,562 180,495 (7,625) 729,518,122 958,397,630

Dividend distribution - - - (1,626,952) (20,464,761)

Proceeds received on subscription of shares 88,088,903 5,151,722 2,000,000 1,417,721,838 12,413,123,139Net amount paid on redemption of shares (80,683,723) (1,536) - (1,907,955,118) (12,643,135,048)

Net change in net assets as a result of capital transactions 7,405,180 5,150,186 2,000,000 (490,233,280) (230,011,909)

Total increase/(decrease) in net assets 15,078,742 5,330,681 1,992,375 237,657,890 707,920,960

Net assets at beginning of period 145,859,845 - - 9,091,877,773 34,213,588,251Translation difference - - - - 95,456,314

Net assets at end of period 160,938,587 5,330,681 1,992,375 9,329,535,663 35,016,965,525

(1) Fund commenced operations on 28 March 2013. (2) Fund commenced operations on 31 January 2013. \




Global Equity

Allocation Fund

GlobalInfrastructure

Fund

Global

OpportunityFund

GlobalProperty

Fund


funds +

USD USD USD USD USD

Income Dividends (net of withholding taxes) 141,363 4,402,434 224,529 14,122,115 288,458,968Interest on bonds - - - - 207,675,384Interest on swap transactions - - - - 2,342,041Other income - - - - 1,247,547Income from securities lending - 83,500 - - 1,109,395Bank interest 25 183 1 40 567,966

Total income 141,388 4,486,117 224,530 14,122,155 501,401,301

ExpensesInvestment advisory fees 53,299 1,794,818 278,950 4,384,766 165,766,104Distributor Fees 6,263 483,691 22,202 141,086 23,277,408Shareholder Services Fee 7,104 176,757 25,074 418,458 18,488,881Administration fees and transfer agent fees 31,072 105,680 52,042 156,070 7,734,965Interest on swap transactions - - - - 6,865,081Taxe d’abonnement 1,185 52,908 4,815 94,198 5,385,740Depositary, custodian fees and transactions fees 23,206 31,418 18,626 122,260 4,184,665Printing and publication fees 942 9,322 2,148 27,067 1,185,574Legal fees 20,932 20,932 20,932 20,932 876,690Audit related fees 9,211 9,976 9,657 9,945 431,375Professional fees 4,692 4,692 4,692 4,692 288,930Director fees, expenses and insurance 3,004 3,004 3,004 3,004 151,809Bank interest 203 1 32 111 12,739Tax charges (excluding Taxe d’abonnement) 242 4,029 (5,368) 6,039 (121,784)Other fees 11,579 26,891 10,181 21,378 1,612,190

Total expenses 172,934 2,724,119 446,987 5,410,006 236,140,367

Plus fee waiver income 80,694 843 38,918 946 8,038,566

Net investment income/(loss) 49,148 1,762,841 (183,539) 8,713,095 273,299,500

Net realised gain/(loss) on sales of investments 302,316 6,610,161 524,199 27,422,906 730,433,189Net realised gain/(loss) on financial futures contracts 209,440 - - - 24,915,377Net realised gain/(loss) on credit default swap contracts - - - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions 128,882 (901,277) (13,218) (474,341) (13,416,453)

Net realised profit/(loss) for the period 689,786 7,471,725 327,442 35,661,660 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments 717,609 (406,995) 1,605,905 (34,488,854) (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts (25,098) - - - (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (54,607) (342,547) (3,470) (26,265) (21,513,329)

Net change in net assets as a result of operations 1,327,690 6,722,183 1,929,877 1,146,541 958,397,630

Dividend distribution - - - (17,695) (20,464,761)

Proceeds received on subscription of shares 3,343,946 202,050,806 11,301,488 415,523,617 12,413,123,139Net amount paid on redemption of shares (871,457) (110,318,723) (16,629,746) (328,234,315) (12,643,135,048)

Net change in net assets as a result of capital transactions 2,472,489 91,732,083 (5,328,258) 87,289,302 (230,011,909)

Total increase/(decrease) in net assets 3,800,179 98,454,266 (3,398,381) 88,418,148 707,920,960







IndianEquityFund


LatinAmerican

EquityFund

US Advantage

Fund


funds +

USD JPY000’s USD USD USD

Income Dividends (net of withholding taxes) 1,198,901 83,965 8,444,586 19,936,621 288,458,968Interest on bonds - - - - 207,675,384Interest on swap transactions - - - - 2,342,041Other income - - - - 1,247,547Income from securities lending - - 9,942 - 1,109,395Bank interest 79 - 40 - 567,966

Total income 1,198,980 83,965 8,454,568 19,936,621 501,401,301

ExpensesInvestment advisory fees 821,319 35,194 5,948,863 19,341,409 165,766,104Distributor Fees 198,211 1,284 266,280 983,132 23,277,408Shareholder Services Fee 76,732 3,753 545,476 2,100,541 18,488,881Administration fees and transfer agent fees 85,863 3,864 176,330 642,179 7,734,965Interest on swap transactions - - - - 6,865,081Taxe d’abonnement 26,151 645 182,423 578,659 5,385,740Depositary, custodian fees and transactions fees 70,424 2,295 352,343 171,998 4,184,665Printing and publication fees 4,534 250 31,404 139,416 1,185,574Legal fees 20,932 1,800 20,932 20,932 876,690Audit related fees 16,969 780 9,338 9,881 431,375Professional fees 6,648 387 4,692 4,692 288,930Director fees, expenses and insurance 28,544 252 3,004 3,004 151,809Bank interest 160 - - 51 12,739Tax charges (excluding Taxe d’abonnement) 32,255 291 8,019 14,649 (121,784)Other fees 12,545 1,985 10,287 256,978 1,612,190

Total expenses 1,401,287 52,780 7,559,391 24,267,521 236,140,367

Plus fee waiver income 158,341 111 - - 8,038,566

Net investment income/(loss) (43,966) 31,296 895,177 (4,330,900) 273,299,500

Net realised gain/(loss) on sales of investments 4,895,883 1,073,527 37,308,456 125,744,620 730,433,189Net realised gain/(loss) on financial futures contracts - - - - 24,915,377Net realised gain/(loss) on credit default swap contracts - - - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions (104,629) 467,631 (206,406) (11,203,642) (13,416,453)


Net change in unrealised appreciation/(depreciation) on investments (18,040,139) 1,176,970 (139,864,265) 211,770,093 (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts - - - - (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions - (66,900) - (3,236,814) (21,513,329)

Net change in net assets as a result of operations (13,292,851) 2,682,524 (101,867,038) 318,743,357 958,397,630

Dividend distribution - - - - (20,464,761)

Proceeds received on subscription of shares 59,576,743 8,000,987 119,760,909 1,479,556,747 12,413,123,139Net amount paid on redemption of shares (46,388,358) (8,264,138) (252,415,157) (1,941,224,671) (12,643,135,048)

Net change in net assets as a result of capital transactions 13,188,385 (263,151) (132,654,248) (461,667,924) (230,011,909)

Total increase/(decrease) in net assets (104,466) 2,419,373 (234,521,286) (142,924,567) 707,920,960

Net assets at beginning of period 122,566,196 6,745,315 848,719,286 3,766,958,328 34,213,588,251Translation difference - - - 95,456,314






USGrowth Fund

USProperty

Fund

EmergingMarkets

Corporate Debt Fund

EmergingMarkets

DebtFund


funds +

USD USD USD USD USD

Income Dividends (net of withholding taxes) 3,391,102 5,827,119 25,920 45,156 288,458,968Interest on bonds - - 9,287,903 24,578,368 207,675,384Interest on swap transactions - - - - 2,342,041Other income - - - - 1,247,547Income from securities lending - - 15,000 74,873 1,109,395Bank interest - - 1,324 - 567,966

Total income 3,391,102 5,827,119 9,330,147 24,698,397 501,401,301

ExpensesInvestment advisory fees 5,200,384 3,433,095 2,572,975 5,319,661 165,766,104Distributor Fees 277,973 117,099 649,538 1,252,663 23,277,408Shareholder Services Fee 566,462 367,545 255,169 551,901 18,488,881Administration fees and transfer agent fees 291,970 101,787 138,841 351,306 7,734,965Interest on swap transactions - - - - 6,865,081Taxe d’abonnement 186,269 119,283 78,471 176,060 5,385,740Depositary, custodian fees and transactions fees 74,118 30,912 39,232 57,729 4,184,665Printing and publication fees 32,934 16,568 9,184 34,998 1,185,574Legal fees 20,932 20,932 20,932 20,932 876,690Audit related fees 10,232 9,276 11,603 12,272 431,375Professional fees 4,692 4,692 4,692 4,692 288,930Director fees, expenses and insurance 3,004 3,004 3,004 3,004 151,809Bank interest 638 - - 106 12,739Tax charges (excluding Taxe d’abonnement) 10,285 (357,351) 2,596 6,149 (121,784)Other fees 45,715 9,377 38,599 69,727 1,612,190

Total expenses 6,725,608 3,876,219 3,824,836 7,861,200 236,140,367

Plus fee waiver income 1,151 - 1,200 1,131 8,038,566

Net investment income/(loss) (3,333,355) 1,950,900 5,506,511 16,838,328 273,299,500

Net realised gain/(loss) on sales of investments 35,751,488 2,827,505 3,539,516 22,313,078 730,433,189Net realised gain/(loss) on financial futures contracts - - - 783,316 24,915,377Net realised gain/(loss) on credit default swap contracts - - - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions (5,593,692) 15,595 (1,549,848) (4,478,329) (13,416,453)


Net change in unrealised appreciation/(depreciation) on investments 80,826,484 14,874,783 (33,490,715) (121,506,970) (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts - - - 788,206 (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (236,291) - (644,423) (1,103,312) (21,513,329)

Net change in net assets as a result of operations 107,414,634 19,668,783 (26,638,959) (86,365,683) 958,397,630

Dividend distribution - - (779,250) (4,293,376) (20,464,761)


Net change in net assets as a result of capital transactions (18,689,166) 125,261,271 196,333,762 (212,612,727) (230,011,909)

Total increase/(decrease) in net assets 88,725,468 144,930,054 168,915,553 (303,271,786) 707,920,960







EmergingMarkets

Domestic DebtFund

EuroBondFund


EuroCorporate

BondFund


funds +

USD EUR EUR EUR USD

Income Dividends (net of withholding taxes) 38,574 4,060 434 21,939 288,458,968Interest on bonds 28,763,714 12,200,722 1,651,298 31,102,111 207,675,384Interest on swap transactions - 65,722 - 670,164 2,342,041Other income - - - - 1,247,547Income from securities lending - 45,523 5,730 40,512 1,109,395Bank interest - 5 14 19 567,966

Total income 28,802,288 12,316,032 1,657,476 31,834,745 501,401,301

ExpensesInvestment advisory fees 5,462,196 1,817,602 18,217 5,158,671 165,766,104Distributor Fees 1,590,113 273,843 - 1,384,977 23,277,408Shareholder Services Fee 551,828 328,092 3,343 939,869 18,488,881Administration fees and transfer agent fees 234,471 142,178 36,077 347,032 7,734,965Interest on swap transactions - 43,020 - 990,382 6,865,081Taxe d’abonnement 160,197 69,790 4,697 290,326 5,385,740Depositary, custodian fees and transactions fees 248,908 53,167 12,020 91,947 4,184,665Printing and publication fees 32,338 26,213 4,142 58,837 1,185,574Legal fees 20,932 15,824 15,824 15,824 876,690Audit related fees 12,081 7,181 7,181 8,261 431,375Professional fees 4,692 3,607 3,607 3,607 288,930Director fees, expenses and insurance 3,004 2,295 2,295 2,295 151,809Bank interest 247 - 76 1,923 12,739Tax charges (excluding Taxe d’abonnement) 7,359 6,680 197 11,000 (121,784)Other fees 51,731 8,079 567 20,433 1,612,190

Total expenses 8,380,097 2,797,571 108,243 9,325,384 236,140,367

Plus fee waiver income 935 1 2,348 1,698 8,038,566

Net investment income/(loss) 20,423,126 9,518,462 1,551,581 22,511,059 273,299,500

Net realised gain/(loss) on sales of investments (11,196,903) 1,617,392 1,073,114 14,275,307 730,433,189Net realised gain/(loss) on financial futures contracts - (22,682) (15,095) (3,294,549) 24,915,377Net realised gain/(loss) on credit default swap contracts - 90,536 - 820,197 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - 3,094,141 8,485,533Net realised gain/(loss) on foreign exchange transactions (2,607,851) 1,086 98,802 3,704,977 (13,416,453)


Net change in unrealised appreciation/(depreciation) on investments (107,342,046) (15,828,039) (2,814,351) (39,888,691) (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts - (334,699) 212,926 1,365,356 (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - (108,007) - (134,385) 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - 10,868,200 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (1,427,831) - (83,089) (5,401,980) (21,513,329)

Net change in net assets as a result of operations (102,151,505) (5,065,951) 23,888 7,919,632 958,397,630

Dividend distribution (3,614,288) - (859) (2,089,651) (20,464,761)


Net change in net assets as a result of capital transactions (95,719,553) 18,230,869 (43,642,517) (50,889,625) (230,011,909)

Total increase/(decrease) in net assets (201,485,346) 13,164,918 (43,619,488) (45,059,644) 707,920,960

Net assets at beginning of period 873,703,184 708,400,480 111,933,660 1,588,806,834 34,213,588,251Translation difference - - - - 95,456,314






EuroStrategic

BondFund

European Currencies High

Yield BondFund

GlobalBondFund

GlobalConvertible

Bond Fund


funds +

EUR EUR USD USD USD

Income Dividends (net of withholding taxes) 3,588 8,339 4,934 1,777,763 288,458,968Interest on bonds 8,826,150 19,150,805 11,177,129 12,821,502 207,675,384Interest on swap transactions 53,763 693,750 230,716 - 2,342,041Other income - - - - 1,247,547Income from securities lending 8,100 58,502 7,883 - 1,109,395Bank interest - 2 14,811 81 567,966

Total income 8,891,601 19,911,398 11,435,473 14,599,346 501,401,301

ExpensesInvestment advisory fees 1,762,386 2,048,722 1,838,146 3,795,238 165,766,104Distributor Fees 1,083,180 950,314 908,457 449,369 23,277,408Shareholder Services Fee 328,712 344,969 337,312 478,177 18,488,881Administration fees and transfer agent fees 139,465 140,880 215,948 227,728 7,734,965Interest on swap transactions 122,231 - 208,112 - 6,865,081Taxe d’abonnement 107,577 123,703 102,801 136,890 5,385,740Depositary, custodian fees and transactions fees 40,456 46,826 60,915 68,126 4,184,665Printing and publication fees 17,796 22,747 25,441 39,804 1,185,574Legal fees 15,824 15,824 20,932 20,932 876,690Audit related fees 8,112 8,971 10,391 10,615 431,375Professional fees 3,607 3,607 4,692 4,692 288,930Director fees, expenses and insurance 2,295 2,295 3,004 3,004 151,809Bank interest 340 1 65 14 12,739Tax charges (excluding Taxe d’abonnement) 4,400 4,407 5,257 8,925 (121,784)Other fees 6,923 7,682 25,810 108,266 1,612,190

Total expenses 3,643,304 3,720,948 3,767,283 5,351,780 236,140,367

Plus fee waiver income 1,570 2,110 1,835 2,328 8,038,566

Net investment income/(loss) 5,249,867 16,192,560 7,670,025 9,249,894 273,299,500

Net realised gain/(loss) on sales of investments 4,797,891 7,855,860 (1,277,790) 49,688,918 730,433,189Net realised gain/(loss) on financial futures contracts (1,760,801) (173,681) (1,281,834) - 24,915,377Net realised gain/(loss) on credit default swap contracts 51,581 1,306,795 (346,040) - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts 1,387,469 - 1,998,946 - 8,485,533Net realised gain/(loss) on foreign exchange transactions 205,044 3,245,727 (10,144,350) 6,488,390 (13,416,453)

Net realised profit/(loss) for the period 9,931,051 28,427,261 (3,381,043) 65,427,202 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments (16,007,449) (21,963,349) (37,803,562) 1,112,031 (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts 272,368 795,584 (656,913) - (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts (32,224) 182,061 246,561 - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts 2,924,926 - 3,615,646 - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (497,888) (304,618) 1,434,275 (2,076,027) (21,513,329)

Net change in net assets as a result of operations (3,409,216) 7,136,939 (36,545,036) 64,463,206 958,397,630

Dividend distribution (1,552,030) (1,605,894) (342,765) (960,174) (20,464,761)


Net change in net assets as a result of capital transactions 25,346,645 (37,959,613) (122,170,000) (366,815,361) (230,011,909)

Total increase/(decrease) in net assets 20,385,399 (32,428,568) (159,057,801) (303,312,329) 707,920,960







GlobalCreditFund

GlobalFixed IncomeOpportunities

Fund

Global HighYield Bond

Fund

GlobalMortgageSecurities

Fund


funds +

USD USD USD USD USD

Income Dividends (net of withholding taxes) - 28,227 - - 288,458,968Interest on bonds 476,613 4,107,122 3,030,793 1,179,308 207,675,384Interest on swap transactions 13,311 127,290 - - 2,342,041Other income - - - - 1,247,547Income from securities lending - 1,875 1,875 - 1,109,395Bank interest 3 539 314 1 567,966

Total income 489,927 4,265,053 3,032,982 1,179,309 501,401,301

ExpensesInvestment advisory fees 55,523 736,202 384,568 422,189 165,766,104Distributor Fees 508 475,204 269,152 2,081 23,277,408Shareholder Services Fee 9,813 112,459 56,330 62,744 18,488,881Administration fees and transfer agent fees 40,729 120,942 72,646 73,809 7,734,965Interest on swap transactions 1,613 30,763 - - 6,865,081Taxe d’abonnement 1,298 34,096 17,447 24,701 5,385,740Depositary, custodian fees and transactions fees 4,184 37,565 13,199 17,059 4,184,665Printing and publication fees 745 4,756 1,536 6,198 1,185,574Legal fees 20,932 20,932 20,932 20,932 876,690Audit related fees 8,252 10,486 11,730 8,537 431,375Professional fees 4,692 4,692 4,692 4,692 288,930Director fees, expenses and insurance 3,004 3,004 3,004 3,004 151,809Bank interest - 3 - 43 12,739Tax charges (excluding Taxe d’abonnement) 723 507 496 141 (121,784)Other fees 5,667 23,651 8,404 21,748 1,612,190

Total expenses 157,683 1,615,262 864,136 667,878 236,140,367

Plus fee waiver income 58,628 5,324 15,810 29,421 8,038,566

Net investment income/(loss) 390,872 2,655,115 2,184,656 540,852 273,299,500

Net realised gain/(loss) on sales of investments 19,631 (229,394) 1,146,586 (926,118) 730,433,189Net realised gain/(loss) on financial futures contracts (55,226) (503,782) - (946,937) 24,915,377Net realised gain/(loss) on credit default swap contracts (14) 211,318 - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - 601,788 - - 8,485,533Net realised gain/(loss) on foreign exchange transactions 223,174 (1,312,105) (478,144) 627,759 (13,416,453)

Net realised profit/(loss) for the period 578,437 1,422,940 2,853,098 (704,444) 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments (2,572,413) (9,692,275) (2,879,560) (3,908,171) (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts 1,853 (537,741) - (2,205,159) (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts (9,018) (27,165) - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts 206,089 1,020,059 - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (110,829) (847,211) (208,203) (845,224) (21,513,329)

Net change in net assets as a result of operations (1,905,881) (8,661,393) (234,665) (7,662,998) 958,397,630

Dividend distribution (1,205) (753,495) (722,222) (439) (20,464,761)

Proceeds received on subscription of shares 52,063,709 162,185,937 99,156,038 331,766,546 12,413,123,139Net amount paid on redemption of shares (6,000) (72,643,517) (19,088,787) (56,689,574) (12,643,135,048)

Net change in net assets as a result of capital transactions 52,057,709 89,542,420 80,067,251 275,076,972 (230,011,909)

Total increase/(decrease) in net assets 50,150,623 80,127,532 79,110,364 267,413,535 707,920,960







GlobalPremier

CreditFund

Short Maturity

Euro BondFund

EuroLiquidity

Fund

US DollarLiquidity

Fund


funds +

USD EUR EUR USD USD

Income Dividends (net of withholding taxes) - 5,678 1,092 - 288,458,968Interest on bonds 172,491 6,954,767 20,834 3,206,744 207,675,384Interest on swap transactions - - - - 2,342,041Other income - - - - 1,247,547Income from securities lending - 27,173 - - 1,109,395Bank interest 1 - 259 494,599 567,966

Total income 172,492 6,987,618 22,185 3,701,343 501,401,301

ExpensesInvestment advisory fees 24,272 1,373,458 155,379 8,564,966 165,766,104Distributor Fees 1,286 660,495 99,106 8,827 23,277,408Shareholder Services Fee 4,222 252,426 20,070 871,810 18,488,881Administration fees and transfer agent fees 46,901 112,687 47,954 341,731 7,734,965Interest on swap transactions - - - - 6,865,081Taxe d’abonnement 896 80,299 2,674 172,841 5,385,740Depositary, custodian fees and transactions fees 3,604 37,610 23,887 156,696 4,184,665Printing and publication fees 577 17,315 2,836 103,331 1,185,574Legal fees 20,932 15,824 16,096 21,022 876,690Audit related fees 7,978 7,181 6,688 8,867 431,375Professional fees 4,692 3,607 3,545 4,632 288,930Director fees, expenses and insurance 3,004 2,295 2,599 3,398 151,809Bank interest - - 656 262 12,739Tax charges (excluding Taxe d’abonnement) 141 5,286 4,880 7,601 (121,784)Other fees 5,641 6,721 15,109 23,311 1,612,190

Total expenses 124,146 2,575,204 401,479 10,289,295 236,140,367

Plus fee waiver income 81,142 321 383,329 6,763,116 8,038,566

Net investment income/(loss) 129,488 4,412,735 4,035 175,164 273,299,500

Net realised gain/(loss) on sales of investments (11,306) 261,335 - - 730,433,189Net realised gain/(loss) on financial futures contracts 5,695 (202,024) - - 24,915,377Net realised gain/(loss) on credit default swap contracts - - - - 2,844,830Net realised gain/(loss) on total return swap contracts - - - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions 83,345 2,430 - - (13,416,453)

Net realised profit/(loss) for the period 207,222 4,474,476 4,035 175,164 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments (627,847) (4,981,714) - - (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts (28,195) 817,806 - - (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts - - - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts 100,878 - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions 13,514 - - - (21,513,329)

Net change in net assets as a result of operations (334,428) 310,568 4,035 175,164 958,397,630

Dividend distribution (758) - - (166,289) (20,464,761)

Proceeds received on subscription of shares 627,655 333,901,372 139,764,254 1,904,215,006 12,413,123,139Net amount paid on redemption of shares (6,465) (265,172,393) (93,030,612) (1,662,982,186) (12,643,135,048)

Net change in net assets as a result of capital transactions 621,190 68,728,979 46,733,642 241,232,820 (230,011,909)

Total increase/(decrease) in net assets 286,004 69,039,547 46,737,677 241,241,695 707,920,960







DiversifiedAlpha Plus

Fund

GlobalBalanced

Risk Control Fund of Funds

Absolute Return

Currency Fund (3)


funds +

EUR EUR EUR USD

Income Dividends (net of withholding taxes) 6,641,170 - 16 288,458,968Interest on bonds 3,006,839 - - 207,675,384Interest on swap transactions 17,420 - - 2,342,041Other income - 913,430 - 1,247,547Income from securities lending 3,570 - - 1,109,395Bank interest 1,741 - 40,461 567,966

Total income 9,670,740 913,430 40,477 501,401,301

ExpensesInvestment advisory fees 5,786,589 2,164,323 55,471 165,766,104Distributor Fees 1,475,260 673,438 20,110 23,277,408Shareholder Services Fee 518,324 173,171 4,576 18,488,881Administration fees and transfer agent fees 163,699 57,344 33,278 7,734,965Interest on swap transactions 3,889,372 - - 6,865,081Taxe d’abonnement 140,907 2,421 53 5,385,740Depositary, custodian fees and transactions fees 67,395 35,173 5,034 4,184,665Printing and publication fees 26,121 6,852 516 1,185,574Legal fees 15,824 15,824 11,798 876,690Audit related fees 7,840 7,423 11,197 431,375Professional fees 3,607 3,607 9,742 288,930Director fees, expenses and insurance 2,295 2,295 1,539 151,809Bank interest 2,388 244 23 12,739Tax charges (excluding Taxe d’abonnement) 5,098 371 2,299 (121,784)Other fees 65,140 3,197 4,067 1,612,190

Total expenses 12,169,859 3,145,683 159,703 236,140,367

Plus fee waiver income - - 70,791 8,038,566

Net investment income/(loss) (2,499,119) (2,232,253) (48,435) 273,299,500

Net realised gain/(loss) on sales of investments 18,596,039 7,366,789 1,679 730,433,189Net realised gain/(loss) on financial futures contracts 22,231,343 3,909,335 (334,691) 24,915,377Net realised gain/(loss) on credit default swap contracts - - - 2,844,830Net realised gain/(loss) on total return swap contracts (4,329,766) - - (5,685,413)Net realised gain/(loss) on interest rate swap contracts - - - 8,485,533Net realised gain/(loss) on foreign exchange transactions 28,448,184 (16,182) (139,663) (13,416,453)

Net realised profit/(loss) for the period 62,446,681 9,027,689 (521,110) 1,020,876,563

Net change in unrealised appreciation/(depreciation) on investments (12,981,409) (2,902,978) - (110,443,589)Net change in unrealised appreciation/(depreciation) on financial futures contracts (10,652,902) (777,277) 19,082 (13,537,815)Net change in unrealised appreciation/(depreciation) on credit default swap contracts - - - 88,844Net change in unrealised appreciation/(depreciation) on total return swap contracts 45,596,351 - - 59,872,539Net change in unrealised appreciation/(depreciation) on interest rate swap contracts - - - 23,054,417Net change in unrealised appreciation/(depreciation) on foreign exchange transactions 5,201,679 - 143,959 (21,513,329)

Net change in net assets as a result of operations 89,610,400 5,347,434 (358,069) 958,397,630

Dividend distribution - - - (20,464,761)

Proceeds received on subscription of shares 604,983,996 271,372,641 42,695 12,413,123,139Net amount paid on redemption of shares (130,661,597) (16,705,372) (19,637,810) (12,643,135,048)

Net change in net assets as a result of capital transactions 474,322,399 254,667,269 (19,595,115) (230,011,909)

Total increase/(decrease) in net assets 563,932,799 260,014,703 (19,953,184) 707,920,960

Net assets at beginning of period 705,771,691 185,192,930 19,953,184 34,213,588,251Translation difference - - - 95,456,314

Net assets at end of period 1,269,704,490 445,207,633 - 35,016,965,525

(3) Fund closed on 8 March 2013.+ Represents the combined totals of all Morgan Stanley Investment Funds.


Statement of share and net assets statisticsAs at

30 June 2013 31 December 2012 31 December 2011 31 December 2010

Asian Equity Fund (USD) - Net asset value per:

Share Class A 41.36 42.94 36.25 44.21 Share Class B 35.19 36.72 31.31 38.58 Share Class C 26.22 27.33 23.28 28.65 Share Class I 46.09 47.68 39.95 48.37 Share Class Z 27.59 28.54 23.91 28.93

Net Assets 168,683,736 244,763,253 274,158,037 618,901,089

Asia-Pacific Equity Fund (USD) - Net asset value per:

Share Class A 22.87 23.90 20.17 - Share Class AH (EUR) 22.31 23.37 19.93 - Share Class B 22.36 23.48 20.03 - Share Class BH (EUR) 21.82 22.97 19.78 - Share Class C 22.45 23.56 20.05 - Share Class N 23.74 24.61 20.43 - Share Class Z 23.25 24.21 20.29 -

Net Assets 107,617,553 110,829,486 63,619,461 -

Asian Property Fund (USD) - Net asset value per:

Share Class A 18.68 18.87 12.86 16.74 Share Class AX 17.59 17.86 12.35 16.24 Share Class B 16.72 16.97 11.68 15.36 Share Class I 20.80 20.93 14.16 18.30 Share Class IX 18.63 18.90 13.07 17.18 Share Class Z 32.11 32.32 21.85 28.25

Net Assets 461,202,237 566,352,803 446,050,223 790,338,355

Emerging Europe, Middle East and Africa Equity Fund (EUR) - Net asset value per:

Share Class A 58.30 60.12 50.36 66.55 Share Class AX 55.13 56.90 48.06 64.01 Share Class B 53.23 55.15 46.66 62.27 Share Class C 21.52 22.29 18.84 25.06 Share Class I 62.74 64.52 53.76 70.58 Share Class Z 20.44 21.01 17.51 23.03

Net Assets 172,325,998 206,078,040 216,774,952 468,539,540

Emerging Leaders Equity Fund (USD) - Net asset value per:

Share Class A 26.61 26.40 - - Share Class AH (EUR) 26.47 26.33 - - Share Class AX* 23.71 - - - Share Class B 26.38 26.30 - - Share Class BH (EUR) 26.24 26.23 - - Share Class C 26.42 26.32 - - Share Class CH (EUR) 26.46 26.42 - - Share Class I 25.36 25.04 - - Share Class Z 26.84 26.49 - - Share Class ZH (EUR)* 24.64 - - -

Net Assets 160,851,329 45,873,789 - -

Emerging Markets Equity Fund (USD) - Net asset value per:

Share Class A 36.23 38.56 32.60 40.03 Share Class B 31.41 33.59 28.68 35.58 Share Class C 23.23 24.84 21.20 26.25 Share Class I 39.75 42.18 35.44 43.27 Share Class N 48.70 51.37 42.64 51.42 Share Class Z 23.03 24.44 20.53 25.05

Net Assets 1,281,546,905 1,394,324,169 1,087,548,404 1,096,025,401




Statement of share and net assets statistics (continued)As at


European Equity Alpha Fund (EUR) - Net asset value per:

Share Class A 34.31 32.50 28.29 30.60 Share Class AH (USD)* 25.45 - - - Share Class AX - 26.99 - - Share Class B 29.25 27.84 24.49 26.75 Share Class C 29.51 28.06 24.65 26.90 Share Class I 37.82 35.73 30.93 33.25 Share Class Z 31.89 30.12 26.05 28.00 Share Class ZH (GBP) 28.17 26.52 23.82 -

Net Assets 639,464,881 562,973,137 453,605,063 339,399,835

European Property Fund (EUR) - Net asset value per:

Share Class A 22.45 22.43 17.43 19.79 Share Class AX - - 15.83 18.22 Share Class B 19.34 19.41 15.24 17.49 Share Class I 24.95 24.83 19.16 21.60 Share Class IX 20.68 20.65 16.33 18.80 Share Class Z 27.78 27.64 21.32 24.02

Net Assets 200,771,867 224,752,052 157,109,233 213,925,507

European Small Cap Value Fund (EUR) - Net asset value per:

Share Class A - - 31.23 40.39 Share Class AX - - 30.18 39.27 Share Class B - - 28.20 36.84

Net Assets - - 11,333,191 16,903,109

Eurozone Equity Alpha Fund (EUR) - Net asset value per:

Share Class A 8.50 8.09 6.64 7.86 Share Class AH (USD)* 25.28 - - - Share Class B 7.46 7.13 5.91 7.07 Share Class I 9.26 8.78 7.16 8.42 Share Class Z 29.16 27.66 22.51 26.45

Net Assets 160,938,587 145,859,845 91,833,726 96,312,268

Frontier Emerging Markets Equity Fund (1) (USD) - Net asset value per:

Share Class A 25.78 - - - Share Class AH (EUR) 25.75 - - - Share Class B 25.72 - - - Share Class BH (EUR) 25.68 - - - Share Class C 25.74 - - - Share Class CH (EUR) 25.71 - - - Share Class I 25.86 - - - Share Class Z 25.87 - - -

Net Assets 5,330,681 - - -

Global Advantage Fund (2) (USD) - Net asset value per:

Share Class A 24.84 - - - Share Class B 24.74 - - - Share Class C 24.76 - - - Share Class I 24.92 - - - Share Class Z 24.93 - - -

Net Assets 1,992,375 - - -

(1) Fund commenced operations on 28 March 2013. (2) Fund commenced operations on 31 January 2013. * Share Class was launched during the period.





Global Brands Fund (USD) - Net asset value per:

Share Class A 81.45 75.16 66.39 61.29 Share Class AH (CHF) 30.34 28.07 25.08 - Share Class AH (EUR) 50.93 47.16 42.03 39.07 Share Class AHX (EUR) 32.22 29.84 26.84 25.21 Share Class AX 32.91 30.37 27.11 25.25 Share Class B 71.83 66.61 59.43 55.41 Share Class BH (EUR) 46.07 42.86 38.59 36.22 Share Class BHX (EUR) 31.72 29.52 26.69 25.16 Share Class BX 32.35 30.00 26.89 25.20 Share Class C 36.53 33.84 30.13 28.04 Share Class CH (EUR) 31.89 29.65 26.66 25.00 Share Class I 88.80 81.66 71.60 65.62 Share Class Z 38.10 35.03 30.70 28.13 Share Class ZH (EUR) 46.27 42.68 37.75 34.81 Share Class ZH (GBP) 31.45 28.88 25.42 - Share Class ZX 56.58 52.19 46.61 43.41

Net Assets 9,329,535,663 9,091,877,773 5,072,244,032 2,453,390,818

Global Equity Allocation Fund (USD) - Net asset value per:

Share Class A 30.40 27.90 25.02 - Share Class B 29.92 27.61 25.00 - Share Class Z 30.90 28.22 25.04 -

Net Assets 17,775,627 13,975,448 12,018,704 -

Global Infrastructure Fund (USD) - Net asset value per:

Share Class A 40.66 38.59 33.61 29.20 Share Class AH (EUR) 39.71 37.79 33.19 29.02 Share Class B 39.44 37.61 33.09 29.05 Share Class BH (EUR) 38.55 36.86 32.68 28.86 Share Class C 39.70 37.85 33.25 29.09 Share Class CH (EUR) 27.46 26.26 - - Share Class I 26.24 24.82 - - Share Class Z 41.68 39.40 34.05 29.34 Share Class ZH (EUR) 34.49 32.70 28.48 -

Net Assets 323,566,770 225,112,504 122,891,139 26,836,843

Global Opportunity Fund (USD) - Net asset value per:

Share Class A 27.34 26.52 24.30 25.98 Share Class AH (EUR) 26.65 25.92 23.97 25.93 Share Class B 26.64 25.97 24.04 25.96 Share Class BH (EUR) 25.97 25.39 23.71 25.91 Share Class C 26.78 26.07 24.09 25.96 Share Class I 26.13 25.25 - - Share Class Z 27.92 26.96 24.51 25.99

Net Assets 54,643,846 58,042,227 10,006,117 1,032,856

Global Property Fund (USD) - Net asset value per:

Share Class A 24.32 24.23 18.57 21.23 Share Class AH (EUR) 27.34 27.35 21.22 24.59 Share Class B 22.72 22.75 17.62 20.35 Share Class BH (EUR) 26.63 26.77 20.99 24.55 Share Class C 27.75 27.76 21.48 24.78 Share Class CH (EUR) 26.76 26.89 21.04 24.55 Share Class I 25.50 25.31 19.26 21.85 Share Class IX 22.91 22.87 17.73 20.42 Share Class Z 30.22 30.00 22.81 25.88

Net Assets 819,876,795 731,458,647 466,418,210 429,387,654

Indian Equity Fund (USD) - Net asset value per:

Share Class A 23.97 26.51 20.67 33.46 Share Class B 22.45 24.96 19.66 32.13 Share Class C 17.03 18.95 14.94 24.45 Share Class I 25.20 27.77 21.49 34.50 Share Class N* 23.41 - - - Share Class Z 25.98 28.63 22.14 35.54

Net Assets 122,461,730 122,566,196 105,876,962 199,730,263





Japanese Equity Fund (JPY) - Net asset value per:

Share Class A 3,275.57 2,456.10 2,059.96 2,585.83 Share Class B 3,452.52 2,602.15 2,203.99 2,793.96 Share Class C 3,469.00 2,603.71 2,208.80 2,794.88 Share Class I 3,560.80 2,660.74 2,215.69 - Share Class Z 3,352.46 2,503.81 2,084.30 2,596.56 Share Class ZH (EUR) 33.83 25.78 21.98 27.87

Net Assets 9,164,688** 6,745,315** 3,724,523** 3,696,855 **

Latin American Equity Fund (USD) - Net asset value per:


Net Assets 614,198,000 848,719,286 777,483,594 1,172,719,094

US Advantage Fund (USD) - Net asset value per:

Share Class A 39.69 36.45 32.36 30.92 Share Class AH (EUR) 28.75 26.47 23.68 22.79 Share Class B 36.81 33.97 30.47 29.41 Share Class BH (EUR) 48.49 44.87 40.57 39.43 Share Class C 38.27 35.28 31.58 30.42 Share Class I 41.99 38.42 33.84 32.09 Share Class N - 34.30 - - Share Class Z 39.82 36.42 32.07 30.40 Share Class ZH (EUR) 46.48 42.62 37.83 36.10

Net Assets 3,624,033,761 3,766,958,328 1,819,704,199 824,008,132

US Growth Fund (USD) - Net asset value per:

Share Class A 45.51 40.41 36.18 37.72 Share Class AH (EUR) 31.56 28.10 25.38 26.71 Share Class AX 45.51 40.41 36.18 37.72 Share Class B 38.85 34.67 31.35 33.03 Share Class BH (EUR) 30.92 27.68 25.25 26.86 Share Class C 32.38 28.87 26.07 27.42 Share Class CH (EUR) 29.70 26.57 - - Share Class I 50.92 45.04 40.02 41.40 Share Class IX 50.81 44.94 39.93 41.33 Share Class Z 32.80 29.01 25.76 26.64 Share Class ZH (EUR) 32.20 28.54 25.57 26.69

Net Assets 978,696,007 889,970,539 1,181,309,388 868,415,782

US Property Fund (USD) - Net asset value per:

Share Class A 55.70 53.05 47.39 45.28 Share Class AX - - 43.42 41.67 Share Class B 47.28 45.26 40.85 39.46 Share Class I 61.80 58.66 52.02 49.33 Share Class Z 44.82 42.53 37.70 35.75

Net Assets 592,701,713 447,771,659 198,052,321 190,518,747

Emerging Markets Corporate Debt Fund (USD) - Net asset value per:

Share Class A 28.59 29.88 24.87 - Share Class AH (EUR) 28.46 29.80 24.88 - Share Class AHX (EUR) 26.85 28.55 24.75 - Share Class AX 27.00 28.67 24.76 - Share Class B 27.93 29.35 24.67 - Share Class BH (EUR) 27.80 29.25 24.68 - Share Class BHX (EUR) 26.78 28.48 24.71 - Share Class BX 26.92 28.59 24.72 - Share Class C 28.09 29.46 24.70 - Share Class CH (EUR) 24.31 25.57 - - Share Class I* 23.41 - - - Share Class Z 29.02 30.25 25.02 -

Net Assets 416,907,809 247,992,256 45,470,150 -

* Share Class was launched during the period.** JPY000’s.






Emerging Markets Debt Fund (USD) - Net asset value per:

Share Class A 74.40 82.59 70.02 65.56 Share Class AH (EUR) 54.60 60.73 51.72 48.31 Share Class AHX (EUR) 25.11 28.47 25.07 - Share Class ARM 23.49 26.82 - - Share Class AX 54.09 61.20 54.44 53.48 Share Class B 63.46 70.78 60.60 57.32 Share Class BH (EUR) 26.70 29.84 25.67 24.22 Share Class BHX (EUR) 25.05 28.41 25.03 - Share Class BX 25.24 28.55 25.04 - Share Class C 32.56 36.28 31.01 29.27 Share Class CH (EUR) 22.90 25.59 - - Share Class I 81.94 90.69 76.44 71.15 Share Class NH (EUR) 29.09 32.10 26.90 24.73 Share Class S - - - 35.87 Share Class Z 34.94 38.66 32.56 30.30 Share Class ZH (EUR) 31.53 34.96 29.60 27.37 Share Class ZHX (GBP) 27.43 30.99 27.60 27.09

Net Assets 642,147,013 945,418,799 453,507,125 420,583,081

Emerging Markets Domestic Debt Fund (USD) - Net asset value per:

Share Class A 34.86 38.87 33.97 35.35 Share Class AH (EUR) 26.48 29.60 26.09 27.32 Share Class AHX (EUR) 23.03 26.30 24.05 - Share Class ARM 22.12 25.47 - - Share Class AX 23.07 26.29 24.29 26.44 Share Class B 32.73 36.67 32.37 34.02 Share Class BH (EUR) 23.52 26.42 23.50 24.86 Share Class BHX (EUR) 22.97 26.25 24.01 - Share Class BX 23.24 26.48 24.05 - Share Class C 28.24 31.60 27.80 29.14 Share Class CH (EUR) 23.07 25.91 - - Share Class I 36.16 40.22 34.94 36.14 Share Class Z 33.57 37.32 32.41 33.52 Share Class ZH (EUR) 24.96 27.82 24.34 25.33 Share Class ZX 23.53 26.82 24.83 26.99

Net Assets 672,217,838 873,703,184 699,073,456 723,634,324

Euro Bond Fund (EUR) - Net asset value per:

Share Class A 13.96 14.06 12.57 12.37 Share Class B 11.97 12.12 10.94 10.87 Share Class C 32.05 32.40 29.19 28.93 Share Class I 14.95 15.03 13.37 13.10 Share Class IX - - 10.81 10.94 Share Class Z 33.53 33.70 29.98 29.35

Net Assets 721,565,398 708,400,480 717,920,038 810,174,559

Euro Corporate Bond (ex Financials) Fund (EUR) - Net asset value per:

Share Class A 26.34 26.44 - - Share Class AX 25.56 26.02 - - Share Class N 28.15 28.13 25.35 - Share Class Z 26.31 26.54 - -

Net Assets 68,314,172 111,933,660 32,998,669 -




Euro Corporate Bond Fund (EUR) - Net asset value per:

Share Class A 42.33 42.24 35.22 36.36 Share Class AD 26.62 26.34 22.62 24.93 Share Class ADX 24.23 24.30 21.95 24.92 Share Class AX 28.27 28.63 25.10 26.80 Share Class B 37.64 37.75 31.79 33.14 Share Class BD 25.91 25.74 22.33 24.86 Share Class BDX 24.18 24.26 21.86 24.85 Share Class BH (USD)* 24.44 - - - Share Class BX 26.49 26.82 23.48 - Share Class C 33.49 33.54 28.18 29.31 Share Class CD 25.96 25.77 22.30 24.77 Share Class I 44.55 44.37 36.84 37.85 Share Class ID* 25.07 - - - Share Class N - - 25.49 26.04 Share Class NX 26.49 26.82 23.59 25.18 Share Class S 30.25 30.11 24.97 25.62 Share Class Z 35.58 35.42 29.40 30.20 Share Class ZD 26.99 26.63 22.76 24.97 Share Class ZOX* 24.98 - - -

Net Assets 1,543,747,190 1,588,806,834 1,431,373,502 2,537,117,231

Euro Strategic Bond Fund (EUR) - Net asset value per:

Share Class A 38.26 38.53 33.80 33.62 Share Class AD 25.30 25.19 23.05 25.00 Share Class ADX 23.61 23.83 22.38 25.00 Share Class AX 25.98 26.51 23.86 24.40 Share Class B 32.67 33.06 29.30 29.43 Share Class BD 24.63 24.65 22.77 24.94 Share Class BDX 23.56 23.77 22.33 24.94 Share Class BX 25.90 26.43 23.81 24.36 Share Class C 27.28 27.57 24.37 24.44 Share Class CD 24.65 24.64 22.70 24.79 Share Class I 41.00 41.22 36.00 35.65 Share Class Z 33.83 33.99 29.69 29.39 Share Class ZD 25.66 25.49 23.21 25.05

Net Assets 500,776,343 480,390,944 317,725,281 258,963,391

European Currencies High Yield Bond Fund (EUR) - Net asset value per:

Share Class A 18.81*** 18.58 14.79 15.72 Share Class AD 25.99*** 25.52 20.89 - Share Class ADX 22.95*** 23.15 20.59 - Share Class AX 28.61*** 29.05 24.50 - Share Class B 16.17*** 16.04 12.90 13.85 Share Class BD 25.44*** 25.09 20.74 - Share Class BDX 22.89*** 23.10 20.50 - Share Class BX 28.54*** 28.98 24.46 - Share Class C 39.88*** 39.51 31.66 33.90 Share Class CD 25.63*** 25.25 20.79 - Share Class I 20.14*** 19.85 15.71 16.62 Share Class Z 42.16*** 41.54 32.90 34.81 Share Class ZD - - 20.96 - Share Class ZX* 24.56*** - - -

Net Assets 582,245,956 614,674,524 323,549,460 303,735,527

Global Bond Fund (USD) - Net asset value per:

Share Class A 38.13 40.47 37.69*** 36.74 Share Class AH (EUR) 24.77 26.37 24.70*** 24.14 Share Class AHX (EUR) 23.85 25.73 24.56*** - Share Class AX 31.85 34.27 32.75*** 32.75 Share Class B 32.39 34.55 32.49*** 31.99 Share Class BH (EUR) 24.18 25.86 24.44*** 24.10 Share Class BHX (EUR) 23.80 25.67 24.52*** - Share Class BX 24.00 25.81 24.54*** - Share Class C 29.37 31.29 29.36*** 28.81 Share Class CH (EUR) 23.59 25.21 - - Share Class I 40.89 43.32 40.15*** 38.96 Share Class IX - - 16.17*** 16.17 Share Class Z 30.92 32.74 30.34*** 29.45

Net Assets 528,411,244 687,469,045 346,656,661 256,968,544

* Share Class was launched during the period.*** Official Net Asset Value per Share including a Swing Pricing Adjustment.






Global Convertible Bond Fund (USD) - Net asset value per:

Share Class A 37.98 35.99 33.24 35.44 Share Class AH (CHF) 26.87 25.51 - - Share Class AH (EUR) 32.50 30.84 28.63 30.57 Share Class B 34.06 32.43 30.26 32.59 Share Class BH (EUR) 29.12 27.77 26.04 28.09 Share Class CH (EUR) 25.84 24.63 23.05 24.77 Share Class I 39.96 37.77 34.72 36.84 Share Class IH (EUR) 34.18 32.36 29.90 31.77 Share Class S - 31.31 28.74 30.45 Share Class Z 29.16 27.56 25.32 26.85 Share Class ZH (CHF) 26.95 25.53 - - Share Class ZH (EUR) 36.23 34.30 31.67 33.65 Share Class ZHX (EUR) 33.58 32.07 30.31 32.70

Net Assets 772,023,636 1,075,335,965 954,768,322 1,084,782,300

Global Credit Fund (USD) - Net asset value per:

Share Class A 24.67 25.16 - - Share Class B 24.52 25.13 - - Share Class C 24.57 25.14 - - Share Class I 24.73 25.18 - - Share Class Z 24.74 25.18 - - Share Class ZX 24.44 25.18 - -

Net Assets 70,292,307 20,141,684 - -

Global Fixed Income Opportunities Fund (USD) - Net asset value per:

Share Class A 27.92 28.79 24.93 - Share Class AH (EUR) 26.42 27.31 - - Share Class AHX (EUR) 26.40 27.78 24.91 - Share Class AX 26.58 27.91 24.93 - Share Class B 27.48 28.47 24.90 - Share Class BH (EUR) 26.10 27.11 - - Share Class BHX (EUR) 26.33 27.70 24.87 - Share Class BX 26.51 27.83 24.89 - Share Class C 24.68 25.52 - - Share Class CH (EUR) 24.58 25.46 - - Share Class CHX (EUR) 24.04 25.14 - - Share Class Z 28.23 29.01 24.95 - Share Class ZH (EUR)* 24.09 - - -

Net Assets 208,569,235 128,441,703 20,668,023 -

Global High Yield Bond Fund (USD) - Net asset value per:

Share Class A 31.61*** 30.62 25.58 - Share Class AH (EUR) 28.64*** 27.80 - - Share Class AHX (EUR) 29.01*** 28.98 25.56 - Share Class AX 29.18*** 29.09 25.58 - Share Class B 31.11*** 30.28 25.55 - Share Class BH (EUR) 28.29*** 27.60 - - Share Class BHX (EUR) 28.94*** 28.90 25.53 - Share Class BX 29.11*** 29.02 25.55 - Share Class C 26.50*** 25.74 - - Share Class CH (EUR) 26.42*** 25.72 - - Share Class Z 31.86*** 30.79 25.59 - Share Class ZX 29.22*** 29.12 25.59 -

Net Assets 120,613,630 41,503,266 10,224,501 -






Global Mortgage Securities Fund (USD) - Net asset value per:

Share Class A 24.92*** 25.07 - - Share Class AH (EUR) 24.85*** 25.06 - - Share Class AHR (EUR) 24.75*** 25.06 - - Share Class AHX (EUR) 24.86*** 25.06 - - Share Class AX* 24.75*** - - - Share Class B 24.77*** 25.05 - - Share Class BH (EUR) 24.72*** 25.04 - - Share Class BHR (EUR) 24.61*** 25.04 - - Share Class BHX (EUR) 24.72*** 25.04 - - Share Class C 24.83*** 25.06 - - Share Class CH (EUR) 24.77*** 25.05 - - Share Class CHX (EUR) 24.77*** 25.05 - - Share Class CX* 24.70*** - - - Share Class I 25.00*** 25.08 - - Share Class IH (EUR)* 24.22*** - - - Share Class IHX (EUR)* 24.22*** - - - Share Class Z 25.00*** 25.08 - - Share Class ZH (EUR)* 24.35*** - - - Share Class ZX 24.95*** 25.08 - -

Net Assets 287,488,371 20,074,836 - -

Global Premier Credit Fund (USD) - Net asset value per:

Share Class A 24.16 24.98 - - Share Class AH (EUR) 24.08 24.97 - - Share Class B 24.03 24.96 - - Share Class BH (EUR) 23.95 24.96 - - Share Class C 24.07 24.97 - - Share Class CH (EUR) 23.99 24.96 - - Share Class I 24.21 24.98 - - Share Class Z 24.22 24.98 - - Share Class ZX 24.03 24.98 - -

Net Assets 10,283,877 9,997,873 - -

Short Maturity Euro Bond Fund (EUR) - Net asset value per:


Net Assets 536,987,495 467,947,948 442,711,262 525,816,361

Euro Liquidity Fund (EUR) - Net asset value per:


Net Assets 162,776,173 116,038,496 244,622,946 164,759,661

US Dollar Liquidity Fund (USD) - Net asset value per:

Share Class A 13.03 13.03 13.03 13.02 Share Class AX 1.00 1.00 1.00 1.00 Share Class B 12.55 12.55 12.55 12.55 Share Class BX 1.00 1.00 1.00 1.00 Share Class I 13.54 13.54 13.54 13.54 Share Class IX - - 1.00 1.00 Share Class Z 25.02 25.02 25.02 25.01

Net Assets 3,885,679,181 3,644,437,486 508,834,865 235,127,017







Diversified Alpha Plus Fund (EUR) - Net asset value per:

Share Class A 32.06 28.94 26.86 27.33 Share Class AH (USD) 33.69 30.36 28.02 28.66 Share Class B 30.49 27.66 25.93 26.64 Share Class BH (USD) 30.13 27.31 25.49 26.33 Share Class C 30.50 27.64 25.85 26.49 Share Class I 33.76 30.33 27.86 28.05 Share Class Z 33.71 30.28 27.80 27.99 Share Class ZH (GBP) 30.98 27.74 25.36 25.63 Share Class ZH (USD) 28.78 25.82 - -

Net Assets 1,269,704,490 705,771,691 434,724,426 419,303,396

Global Balanced Risk Control Fund of Funds (EUR) - Net asset value per:

Share Class A 29.03 28.04 25.34 - Share Class B 28.58 27.74 25.30 - Share Class C 26.40 25.60 - - Share Class Z 28.39 27.25 - -

Net Assets 445,207,633 185,192,930 458,513 -

Absolute Return Currency Fund (EUR) (1) - Net asset value per:

Share Class A - 23.18 25.61 25.83 Share Class A1 - 22.61 24.91 - Share Class AH (SEK) - 226.64 - - Share Class AH (USD) - 22.81 25.25 25.75 Share Class B - 21.85 24.39 24.85 Share Class I - 24.25 26.50 26.46 Share Class IH (USD) - 23.70 25.96 26.26 Share Class Z - 23.08 25.17 -

Net Assets - 19,953,184 38,535,419 59,321,517

(1) Fund closed on 8 March 2013.


Notes to the financial statementsAs at 30 June 2013

1 THE COMPANY

Morgan Stanley Investment Funds (“The Company”) was incorporated on 21 November 1988 under the laws of the Grand Duchy of Luxembourg as a “Société d’Investissement à Capital Variable” (“SICAV”) and is registered as an undertaking for collective investment pursuant to Part 1 of the Law of 17 December 2010. The 2010 Law transposes the recast UCITS Directive (Directive 2009/65/EC), often referred to as UCITS IV, into Luxembourg legislation.

The exclusive purpose of the Company is to invest the funds available to it in transferable securities and other assets permitted by law, with the purpose of spreading investment risks and affording its shareholders the results of the management of its assets. The Company is presently structured to provide both institutional and individual investors with a variety of Equity, Bond, Liquidity, Asset Allocation and Alternative Investment Funds. At the date of this report forty-two Funds are open for subscription.

Fund Name Date of launch

Asian Equity Fund 8 October 1991Asia-Pacific Equity Fund 25 March 2011Asian Property Fund 1 September 1997Emerging Europe, Middle East and Africa Equity Fund 16 October 2000Emerging Leaders Equity Fund 17 August 2012Emerging Markets Equity Fund 27 July 1993European Equity Alpha Fund 5 March 1991European Property Fund 1 September 1997Eurozone Equity Alpha Fund 3 April 2000Frontier Emerging Markets Equity Fund 28 March 2013Global Advantage Fund 31 January 2013Global Brands Fund 30 October 2000Global Equity Allocation Fund 1 December 2011Global Infrastructure Fund 14 June 2010Global Opportunity Fund 29 November 2010Global Property Fund 31 October 2006Indian Equity Fund 30 November 2006Japanese Equity Fund 14 June 2010Latin American Equity Fund 2 August 1994US Advantage Fund 1 December 2005US Growth Fund 25 August 1992US Property Fund 9 January 1996Emerging Markets Corporate Debt Fund 7 March 2011Emerging Markets Debt Fund 11 April 1995Emerging Markets Domestic Debt Fund 28 February 2007Euro Bond Fund 15 September 1992Euro Corporate Bond (ex Financials) Fund 23 November 2011Euro Corporate Bond Fund 3 September 2001Euro Strategic Bond Fund 25 February 1991European Currencies High Yield Bond Fund 27 May 1997Global Bond Fund 7 November 1989Global Convertible Bond Fund 16 July 2002Global Credit Fund 14 November 2012Global Fixed Income Opportunities Fund 7 November 2011Global High Yield Bond Fund 18 November 2011Global Mortgage Securities Fund 3 December 2012Global Premier Credit Fund 10 December 2012Short Maturity Euro Bond Fund 2 August 1994Euro Liquidity Fund 31 January 2000US Dollar Liquidity Fund 1 April 1998Diversified Alpha Plus Fund 4 June 2008Global Balanced Risk Control Fund of Funds 2 November 2011

Each Class of Shares within each Fund has a different fee structure but participates in the same pool of assets within a given Fund.

The following significant changes were made in the period ended 30 June 2013:

Launched Classes

Fund Name Share Class Date

European Currencies High Yield Bond Fund ZX 22 January 2013Euro Corporate Bond Fund ID 23 January 2013Emerging Leaders Equity Fund ZH (EUR) 25 January 2013Global Fixed Income Opportunities Fund ZH (EUR) 25 January 2013European Equity Alpha Fund AH (USD) 31 January 2013Eurozone Equity Alpha Fund AH (USD) 31 January 2013Global Advantage Fund A 31 January 2013Global Advantage Fund B 31 January 2013Global Advantage Fund C 31 January 2013Global Advantage Fund I 31 January 2013Global Advantage Fund Z 31 January 2013Global Mortgage Securities Fund AX 1 February 2013Global Mortgage Securities Fund CX 1 February 2013Euro Corporate Bond Fund ZOX 15 February 2013Indian Equity Fund N 1 March 2013Frontier Emerging Markets Equity Fund A 28 March 2013Frontier Emerging Markets Equity Fund AH (EUR) 28 March 2013Frontier Emerging Markets Equity Fund B 28 March 2013Frontier Emerging Markets Equity Fund BH (EUR) 28 March 2013Frontier Emerging Markets Equity Fund C 28 March 2013Frontier Emerging Markets Equity Fund CH (EUR) 28 March 2013Frontier Emerging Markets Equity Fund I 28 March 2013Frontier Emerging Markets Equity Fund Z 28 March 2013Emerging Leaders Equity Fund AX 3 April 2013Global Mortgage Securities Fund ZH 15 April 2013Emerging Markets Corporate Debt Fund I 24 April 2013Global Mortgage Securities Fund IH 25 April 2013Global Mortgage Securities Fund IHX 25 April 2013Euro Corporate Bond Fund BH (USD) 13 May 2013

Closed Classes


European Equity Alpha Fund AX 7 March 2013Absolute Return Currency Fund A 8 March 2013Absolute Return Currency Fund A1 8 March 2013Absolute Return Currency Fund AH (SEK) 8 March 2013Absolute Return Currency Fund AH (USD) 8 March 2013Absolute Return Currency Fund B 8 March 2013Absolute Return Currency Fund I 8 March 2013Absolute Return Currency Fund IH (USD) 8 March 2013Absolute Return Currency Fund Z 8 March 2013US Advantage Fund N 22 March 2013Global Convertible Bond Fund S 20 June 2013

Fund launches

• On 31 January 2013, Morgan Stanley Investment Funds Global Advantage Fund commenced operations.

• On 28 March 2013, Morgan Stanley Investment Funds Frontier Emerging Markets Equity Fund commenced operations.

Fund closures

• On 8 March 2013, Morgan Stanley Investment Funds Absolute Return Currency Fund.

Code of Conduct

On 23 August 2011, the Board of Directors approved a Code of Conduct, designed to provide the Board with a framework of principles and best practice recommendations for the governance of Company.


Notes to the financial statements (continued)As at 30 June 2013

2 SIGNIFICANT ACCOUNTING POLICIES

The financial statements are presented in accordance with generally accepted accounting principles applicable to UCITS investment funds in Luxembourg and require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

a) Valuation of securities Securities listed on a recognised stock exchange or dealt in on

any other regulated market are valued at their last available prices at the valuation point, or, in the event that there should be several such markets, on the basis of their last available prices on the main market for the relevant security.

In normal market conditions, fixed income securities (including mortage backed securities) are valued at mid market price at the valuation point, based on data provided by pricing vendors.

In the event that the last available price or mid market price (bonds) does not truly reflect the fair market value of the relevant securities, the value of such securities will be based on the reasonably foreseeable sales price determined prudently and in good faith pursuant to procedures established by the Directors.

Securities not listed or traded on a stock exchange or not dealt on another regulated market are valued on the basis of the reasonably foreseeable sales price determined prudently and in good faith pursuant to procedures established by the Directors.

Securities with a known short-term maturity date, are valued using an amortised cost method. This involves valuing an investment at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the investments.

Investments in other Undertakings for Collective Investments (“UCIs”) are valued at the last available net asset value for the UCI in question.

Events may occur between the determination of an investment’s last available price and the determination of the Fund’s Net Asset Value per Share at the valuation point that may, in the opinion of the Directors, mean that the last available price does not reflect the fair market value of the investment. In such circumstances the price of such investment shall be adjusted in accordance with the procedures adopted from time to time by the Directors in their discretion. As at the date of this semi-annual report, certain securities may be fair valued in accordance with these procedures.

If since the time of determination of the net asset value there has been a material change in the quotations in the markets on which a substantial portion of the investments attributable to an available Fund are dealt in or quoted, the Company may, in order to safeguard the interests of the shareholders and the Company, cancel the first valuation and carry out further valuations as appropriate.

b) Valuation of Interest rate swaps An Interest Rate Swap (“IRS”) is a bilateral agreement in which

each of the parties agree to exchange a series of interest payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged.

IRS contracts are valued by reference to service data providers, market data and algorithms.

The unrealised gain/loss as at period end is recorded under “Unrealised gain/loss on interest rate swap contracts” in the Statement of assets and liabilities. The changes in such amounts are recorded under “Net change in unrealised appreciation/(depreciation) on interest rate swap contracts” and the realised gain/loss under “Net realised gain/(loss) on interest rate swap contracts” in the Statement of operations and changes in net assets.

c) Valuation of Credit default swaps A Credit Default Swap (“CDS”) is a transaction in which two

parties enter into an agreement, whereby the buyer pays the seller a periodic payment for the specified life of the agreement. The seller makes no payments unless a credit event, relating to a predetermined reference asset, occurs. If such an event does occur, the seller will then make a payment to the buyer, and the swap contract will terminate.

CDS contracts are valued by reference to service data providers, market data and algorithms.

The unrealised gain/loss as at period end is recorded under “Unrealised gain/loss on credit default swap contracts” in the Statement of assets and liabilities. The changes in such amounts are recorded under “Net change in unrealised appreciation/(depreciation) on credit default swap contracts” and the realised gain/loss under “Net realised gain/(loss) on credit default swap contracts” in the Statement of operations and changes in net assets.

d) Valuation of Total return swaps A Total Return Swap (“TRS”) is a transaction in which the

buyer receives the performance of an underlying asset and in return the buyer pays funding costs and generally, an arrangement fee. The underlying asset may be, but not limited to, a specific security, basket of securities, other instruments and index.

TRS contracts are valued by reference to the mark to market value based on the market value of the underlying asset.

The unrealised gain/loss as at period end is recorded under “Unrealised gain/loss on total return swap contracts” in the Statement of assets and liabilities. The changes in such amounts are recorded under “Net change in unrealised appreciation/(depreciation) on total return swap contracts” and the realised gain/loss under “Net realised gain/(loss) on total return swap contracts” in the Statement of operations and changes in net assets.



e) Valuation of Options Options are contractual agreements that convey the right, but

not the obligation, for the purchaser either to buy or sell a specific amount of a financial instrument at a fixed price, either at a fixed future date or at any time within a specified period.

Options are valued by reference to the expected future cash flow based on the market implied performance, spot level and the volatility of the underlying asset(s).

When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium paid. When an option is closed, the difference between the premium and the cost to close the position is recorded under “Net realised gain/(loss) on options” in the Statement of operations and changes in net assets. When an option expires, the premium is accounted for as a realised gain for options written or as a realised loss for options purchased.

The unrealised gain/loss on option as at period end is recorded under “Unrealised gain/loss on options” in the Statement of assets and liabilities. The changes in such amounts are recorded under “Net change in unrealised appreciation/(depreciation) on options” in the Statement of operations and changes in net assets.

f) Valuation of Forward foreign exchange contracts A forward foreign exchange contract is an agreement

between two parties to exchange one currency for another at a specific price and date in the future.

Open forward contracts are valued based by reference to the last available currency rates prevailing at the relevant valuation date.

The unrealised gain/loss as at period end is recorded under “Unrealised gain/loss on forward foreign currency exchange contracts” in the Statement of assets and liabilities. The changes in such amounts are recorded under “Net change in unrealised appreciation/(depreciation) on foreign exchange transactions” and the realised gain/loss under “Net realised gain/(loss) on foreign exchange transactions” in the Statement of operations and changes in net assets.

g) Valuation of Futures contracts A futures contract is a contractual agreement, to buy or sell

a particular commodity or financial instrument at a pre-determined price in the future. Futures contracts detail the quality and quantity of the underlying asset and they are standardised to facilitate trading on a futures exchange.

Futures contracts are valued at the last available prices on the exchanges for which the contracts are traded on.

The unrealised gain/loss as at period end is recorded under “Unrealised gain/loss on futures contracts” in the Statement of assets and liabilities. The changes in such amounts are recorded under “Net change in unrealised appreciation/(depreciation) on financial futures contracts” and the realised gain/loss under “Net realised gain/(loss) on financial futures contracts” in the Statement of operations and changes in net assets.

h) Income and securities transactions Dividend income is recorded on the ex dividend date.

Interest income is accrued daily. Discounts and premiums are accreted and amortised as adjustments to interest income for short-term money market instrument only. Income from securities lending is recorded on a cash receipts basis.

Securities transactions are accounted for on a trade date basis, on the date the securities are purchased or sold. Realised gains or losses on the sale of securities are determined on the basis of the average cost method and are recorded under “Net realised gain/(loss) on investments” in the Statement of operations and changes in net assets.

i) Valuation of Repurchase agreements Under a repurchase agreement, the Company purchases

securities and agrees to re-sell them at a mutually agreed upon date and price. A repurchase agreement is collateralised by securities (see note 11). Repurchase agreements are valued at cost with interest accrued from the date of purchase.

j) Translation of foreign currencies Transactions in foreign currencies are translated into the

currency of each Fund at the last available rate of exchange prevailing in a recognised market at the date of the transactions. Assets and liabilities denominated in foreign currencies are translated into the currency of each Fund at the last available rate of exchange prevailing in a recognised market at the date of the Statement of assets and liabilities.

The Combined statement of assets and liabilities is presented in US dollars at the last available rate of exchange prevailing in a recognised market at the date of the Statement of assets and liabilities, while the combined Statement of operations and changes in net assets is presented in US dollars at the average exchange rates ruling during the period.

The difference between opening net assets stated at exchange rates at the beginning of the period and their value at the end of the period is shown as “Translation difference” in the Statement of operations and changes in net assets.

k) Mauritian subsidiary The Indian Equity Fund currently invests through Morgan

Stanley SICAV (Mauritius) Limited (the “Subsidiary”). All assets and liabilities, income and expenses of the Subsidiary are recorded in the Statement of assets and liabilities and the Statement of operations and changes in net assets of the Indian Equity Fund. All investments held by the Subsidiary are individually disclosed in the statement of investments of the Indian Equity Fund.

The Subsidiary incurs and pays certain fees and expenses relating to its investment activity in India. These fees and expenses may include brokerage costs and commissions, transaction costs associated with converting currency to and from Indian Rupee to US dollars, fees incurred by



its standing proxy, corporate and registration fees and taxes associated with the establishment and operation of the Subsidiary.

3 SECURITIES LENDING

Certain Fund’s may lend securities to qualified financial institutions, such as broker-dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. Funds that lend securities, receive securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked to market daily, by the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained throughout the term of the loan. Securities lending income is generated as a result of securities on loan less compensation to the administrative agent. Net securities lending income is included in the Statement of operations and changes in net assets. See note 4(b) for related party disclosure on securities lending transactions.

The value of loaned securities and related collateral outstanding as at 30 June 2013 are as follows:

Fund Name Value in USDCollateral MV

in USD

Asian Equity Fund 20,879,539 22,087,465Asia-Pacific Equity Fund 14,617,272 15,461,100Emerging Leaders Equity Fund 3,682,495 3,993,689Emerging Markets Equity Fund 116,092,293 122,810,656European Equity Alpha Fund 24,131,496 25,534,183European Property Fund 24,275,803 25,838,355Eurozone Equity Alpha Fund 11,944,480 12,649,016Global Infrastructure Fund 26,039,963 28,567,417Latin American Equity Fund 936,428 987,422Emerging Markets Corporate Debt Fund 34,289,125 37,380,542Emerging Markets Debt Fund 36,099,401 39,354,028Euro Bond Fund 57,803,001 58,959,053Euro Corporate Bond (ex Financials) Fund 5,394,821 5,713,170Euro Corporate Bond Fund 299,051,376 305,269,249Euro Strategic Bond Fund 45,558,241 46,591,118European Currencies High Yield Bond Fund 193,715,698 198,100,804Global Bond Fund 19,404,715 19,975,047Global Fixed Income Opportunities Fund 2,204,144 2,402,896Global High Yield Bond Fund 4,901,602 5,197,511Short Maturity Euro Bond Fund 53,748,029 54,822,983

Total 994,769,922 1,031,695,704

4 RELATED PARTY TRANSACTIONS AND AFFILIATIONS

Under the terms of an investment advisory agreement, Morgan Stanley Investment Management Limited has been appointed Investment Adviser with responsibility for advising the Company within the scope of the day-to-day management of the various Funds. The Investment Adviser may delegate any of its responsibilities to any other party subject to approval by the Directors and the CSSF but the Investment Adviser shall remain responsible for the proper performance by such party of those responsibilities. A full list of sub-advisers can be found on page 209. The Investment Adviser is entitled to receive from the

Company a fee payable monthly in arrears, and calculated on the basis of the average daily net assets (before deduction of the fee) of each Fund attributable to each Class of Shares.

All expenses are paid directly by the Company and fees paid to the Investment Adviser are at the following annual rates:

Fund Name

Classes A, AD, ADX, AH,

AHX, ARM,AX, B, BD,BDX, BH,

BHX and BX

Classes C, CD, CH and CX

Classes I, ID, IH, IX,

Z, ZD,ZH, ZHX,

ZOX and ZX Class S

Asian Equity Fund 1.40% 2.20% 0.75% - Asia-Pacific Equity Fund 1.50% 2.30% 0.85% - Asian Property Fund 1.40% 2.20% 0.75% - Emerging Europe, Middle East and Africa Equity Fund 1.60% 2.40% 1.10% - Emerging Leaders Equity Fund 2.00% 2.80% 1.10% - Emerging Markets Equity Fund 1.60% 2.40% 1.10% - European Equity Alpha Fund 1.20% 1.90% 0.70% - European Property Fund 1.40% 2.20% 0.75% - Eurozone Equity Alpha Fund 1.40% 2.20% 0.75% - Frontier Emerging Markets Equity Fund1 2.40% 3.00% 1.20% -Global Advantage Fund2 1.60% 2.40% 0.90% - Global Brands Fund 1.40% 2.20% 0.75% - Global Equity Allocation Fund 1.50% 2.30% 0.55% - Global Infrastructure Fund 1.50% 2.30% 0.85% - Global Opportunity Fund 1.60% 2.40% 0.90% - Global Property Fund 1.50% 2.30% 0.85% - Indian Equity Fund 1.60% 2.40% 0.90% - Japanese Equity Fund 1.40% 2.20% 0.75% - Latin American Equity Fund 1.60% 2.40% 1.00% - US Advantage Fund 1.40% 2.20% 0.70% - US Growth Fund 1.40% 2.20% 0.70% - US Property Fund 1.40% 2.20% 0.75% - Emerging Markets Corporate Debt Fund 1.45% 2.15% 0.95% - Emerging Markets Debt Fund 1.40% 2.10% 0.90% - Emerging Markets Domestic Debt Fund 1.40% 2.10% 0.90% - Euro Bond Fund 0.80% 1.45% 0.45% - Euro Corporate Bond (ex Financials) Fund 0.80% 1.45% 0.45% - Euro Corporate Bond Fund 0.80% 1.45% 0.45% 0.40%Euro Strategic Bond Fund 0.80% 1.45% 0.45% - European Currencies High Yield Bond Fund 0.85% 1.50% 0.50% - Global Bond Fund 0.80% 1.45% 0.45% - Global Convertible Bond Fund 1.00% 1.60% 0.60% 0.55%Global Credit Fund 0.80% 1.45% 0.45% - Global Fixed Income Opportunities Fund 1.00% 1.45% 0.45% - Global High Yield Bond Fund 1.00% 1.60% 0.60% - Global Mortgage Securities Fund 1.00% 1.60% 0.50% - Global Premier Credit Fund 0.80% 1.45% 0.45% - Short Maturity Euro Bond Fund 0.80% 1.45% 0.45% - Euro Liquidity Fund 0.50% 0.85% 0.20% - US Dollar Liquidity Fund 0.50% 0.85% 0.20% - Diversified Alpha Plus Fund 1.75% 2.45% 0.80% - Global Balanced Risk Control Fund of Funds 2.00% 2.70% 0.80% -

1 Fund commenced operations on 28 March 2013. 2 Fund commenced operations on 31 January 2013.

Fund NameClasses A and B

Classes A1, AH, AHX, ARM,

AX, B1, BH, BHX and BX

Classes C, CH,

CHX and CX

Classes I and Z

Classes IH, IHX, IX, ZH,

ZHX, ZX, I1 and Z1 Class S

Absolute Return Currency Fund1 2.00% 1.75% 2.45% 1.00% 0.80% -

1 Fund closed on 8 March 2013.No investment advisory fee is payable in respect of Class “N”, “NH” and “NX” Shares.

In the case of any individual Fund or Class, the Investment Adviser may choose to waive or rebate all of its fee or any portion thereof at its absolute discretion for an indefinite period, in order to reduce the impact such fee may have on the performance of the Fund or Class in instances where the net assets of the Fund or Class are of insufficient size.



Where the Funds invest into Investment Funds that are managed by the Investment Adviser or its affiliates, the net management fee and any shareholder services fee of the underlying Investment Funds, are rebated to the sub-funds to avoid duplicated Management fees otherwise known as “double dipping”.

The Funds will be subject to a monthly Shareholder Service Fee at a maximum annual rate of 0.25% of the Funds’ aggregate average daily Net Asset Value attributable to all Classes of Shares of the Funds. The current fees charged by the Company are as follows:

A, AD, ADX, AH, AHX, ARM, AX, B, BD, BDX, BH, BHX, BX, C, CD, CH, CHX, CX 0.15%+I, ID, IH, IHX, IX, Z, ZD, ZH, ZHX, ZOX, ZX 0.08%+N, NH, NHX, NX NilS, SX 0.05%

+ Except for the Liquidity Funds which charge 0.05%.

The Shareholder Service Fee will remain in force for an unlimited period and may be changed, subject to the maximum noted above, by the Company upon no less than one month’s prior written notice.

The Shareholder Service Fee is paid to Morgan Stanley Investment Management Limited (the “Distributor”) as compensation for providing certain services to shareholders. The Distributor may choose to waive all of the shareholder service fees or any portion thereof at its absolute discretion and for an indefinite period.

For the Absolute Return Currency Fund Share Classes A1, AH (USD), AH (SEK), BH, IH and Z, the Investment Adviser may receive a performance fee (the “Performance Fee”) as defined by the prospectus.

The Distributor is also paid a distribution fee for the Equity Funds, Bond Funds, Asset Allocation Funds and Alternative Investment Funds, accrued daily and paid monthly, at the annual rate of 1.00% of the average daily Net Asset Value of Classes B, BX, BH, BHX, BD and BDX Shares as compensation for providing distribution-related services to the Funds with respect to such Shares.

The Liquidity Funds will pay the Distributor a distribution fee, accrued daily and paid monthly, at the annual rate of 0.75% of the average daily Net Asset Value for Classes B, BX, BH and BHX Shares.

a) Morgan Stanley Investment Management Limited and the sub-advisers for the Company have entered into the following types of transactions in which a connected person had a material interest:

i) Transactions in relation to an investment in respect of which an affiliated firm benefited from a commission, fee, mark up or mark down; or

ii) Transactions in relation to a placing and/or a new issue in which the affiliated company was a member of the underwriting syndicate.

All the transactions executed on behalf of the Company were entered into in the ordinary course of business and on normal commercial terms.

The affiliations of the Directors are as follows:

Mr. Andrew Mack acts as a consultant to Morgan Stanley Investment Management Limited.

b) Administration fees and transfer agent fees include operational costs of Morgan Stanley Investment Management Limited amounting to USD 136,376 and of Morgan Stanley Investment Management Limited, Luxembourg Branch, amounting to USD 562,761.

The Company has entered into a securities lending contract with Morgan Stanley & Co. International Limited, Morgan Stanley Securities Limited, Morgan Stanley & Co Incorporated and MSDW Equity Finance Service I (Cayman) Limited which is under normal commercial terms. The arrangement is exclusive in relation to certain securities.

Securities lending income is allocated to each Fund based on the demand of the securities of each Fund that may be loaned during the period.

The following Funds received securities lending income from the above named affiliates:

Fund Name USD

Asian Equity Fund 52,914 Asia-Pacific Equity Fund 26,728 Emerging Markets Equity Fund 135,656 European Equity Alpha Fund 211,296 European Property Fund 39,354 Eurozone Equity Alpha Fund 91,253 Emerging Markets Corporate Debt Fund 6,000 Emerging Markets Debt Fund 30,083 Euro Bond Fund 44,844 Euro Corporate Bond (ex Financials) Fund 3,000 Euro Corporate Bond Fund 39,908 Euro Strategic Bond Fund 7,979 European Currencies High Yield Bond Fund 57,630 Global Bond Fund 5,881 Global Fixed Income Opportunities Fund 750 Global High Yield Bond Fund 750 Short Maturity Euro Bond Fund 26,768 Diversified Alpha Plus Fund 3,517

784,311

As at 30 June 2013, the Emerging Markets Equity Fund invested in the Morgan Stanley Growth Fund, advised by an affiliate of the Investment Adviser.

As at 30 June 2013, the following Funds invested in the Morgan Stanley Liquidity Funds - Euro Liquidity Fund, advised by an affiliate of the Investment Adviser:

• EuropeanEquityAlphaFund • EurozoneEquityAlphaFund • EuroBondFund



• EuroCorporateBond(exFinancials)Fund • EuroCorporateBondFund • EuroStrategicBondFund • European Currencies High Yield Bond Fund • GlobalBondFund • ShortMaturityEuroBondFund • EuroLiquidityFund • DiversifiedAlphaPlusFund

As at 30 June 2013, the following Funds invested in the Morgan Stanley Liquidity Funds - US Dollar Treasury Liquidity Fund, advised by an affiliate of the Investment Adviser:

• Asian Property Fund • Global Advantage Fund • Global Brands Fund • Global Equity Allocation Fund • Global Infrastructure Fund • Global Opportunity Fund • Global Property Fund • LatinAmericanEquityFund • US Advantage Fund • US Growth Fund • US Property Fund

As at 30 June 2013, the following Funds invested in the Morgan Stanley Liquidity Funds - US Dollar Liquidity Fund, advised by an affiliate of the Investment Adviser:

• AsianEquityFund • Asia-PacificEquityFund • EmergingEurope,MiddleEastandAfricaEquityFund • EmergingLeadersEquityFund • EmergingMarketsEquityFund • EmergingMarketsCorporateDebtFund • EmergingMarketsDebtFund • EmergingMarketsDomesticDebtFund • GlobalConvertibleBondFund

As at 30 June 2013, Morgan Stanley Investment Funds - Global Balanced Risk Control Fund of Funds invested in the Funds, advised by the Investment Adviser or an affiliate, detailed in note 15 on page 200.

Directors’ remuneration:

The Directors of the Company who are not Directors, officers or employees of the Investment Manager or any affiliate thereof will be entitled to remuneration from the Fund, at a current rate of EUR 45,000 per annum, for their services as Directors. The Fund also bears reasonable out of pocket expenses and cost of Directors and Officers insurance. These expenses are disclosed under Directors fees, expenses and insurance in the Statement of operations and changes in net assets.

5 DIVIDEND POLICY

The Company offers Accumulating Share Classes (Class A, A1, AD, AH, AO, B, B1, BD, BH, BO, C, CD, CH, CO, I, I1, ID, IH, IO, N, ND, NH, NO, S, Z, ZD, ZH and ZO), Distributing Share Classes (ADM, ADX, AHM, AHX, AM, AOM, AOX, AX, BDX, BHX, BOX, BX, CHX, COX, CX, IHX, IOX, IX, NHX, NOX, NX, ZHX, ZOX and ZX) and Discretionary Distributing Share Classes (AHR, AR, ARM, BHR, BR, IR and IRM).

For the Distributing Share Classes of the Bond Funds, Equity Funds, Asset Allocation Funds and Alternative Investment Funds, the Company intends to declare dividends which will be equal to at least 85% of the net investment income attributable to such Classes.

For the Discretionary Distributing Share Classes of the Bond Funds, Equity Funds, Asset Allocation Funds and Alternative Investment Funds, the Company intends to declare dividends which will be set at the discretion of the Directors. The declared dividend for the Discretionary Distributing Share Classes may be in excess of the net investment income attributable to such Classes, if this is the case there will be a reduction of capital.

In the case of the Distributing Share Classes ADX, AHX, AOX, AHR, AR, AX, BDX, BHX, BOX, BHR, BR, BX, CHX, COX, CX, IHX, IR, IOX, IX, NHX, NOX, NX, SX, ZHX, ZOX, ZX of the Equity, Asset Allocation Funds and Alternative Investment Funds, such dividends, if any, will be accrued on the last Dealing Day of June and December and declared on the next Dealing Day.

In the case of the Distributing Share Classes ADX, AHX, AOX, AHR, AR, AX, BDX, BHX, BOX, BHR, BR, BX, CHX, COX, CX, IHX, IR, IOX, IX, NHX, NOX, NX, SX, ZHX, ZOX, ZX of the Bond Funds, such dividends, if any, will be accrued on the last Dealing Day of March, June, September and December and declared on the next Dealing Day.

In the case of the Distributing Share Classes ADM, AHM, AM, ARM and AOM shares of the Bond Funds, such dividends, if any, will be accrued on the last Dealing Day of the month and declare on the next Dealing Day.

During the period ended 30 June 2013, the Fund paid dividends as follows:

Fund Name CcyShare Class Ex-Date Pay Date

Record Date

Dividend per Share

Equity Funds Asian Property Fund USD AX 02/01/2013 07/01/2013 31/12/2012 0.086107

USD IX 02/01/2013 07/01/2013 31/12/2012 0.157982 European Property Fund EUR IX 02/01/2013 07/01/2013 31/12/2012 0.051514 Emerging Europe, Middle East and Africa Equity Fund

EUR AX 02/01/2013 07/01/2013 31/12/2012 0.039792

European Equity Alpha Fund EUR AX 02/01/2013 07/01/2013 31/12/2012 0.026510 Global Brands Fund USD ZX 02/01/2013 07/01/2013 31/12/2012 0.175514 Global Property Fund USD IX 02/01/2013 07/01/2013 31/12/2012 0.116856

Bond Funds Emerging Markets Corporate Debt Fund

EUR AHX 02/01/2013 07/01/2013 31/12/2012 0.218579 EUR AHX 02/04/2013 05/04/2013 28/03/2013 0.214520 USD AX 02/01/2013 07/01/2013 31/12/2012 0.226430




Record Date

Dividend per Share

Bond Funds (continued)Emerging Markets Corporate Debt Fund (continued)

USD AX 02/04/2013 05/04/2013 28/03/2013 0.212159 EUR BHX 02/01/2013 07/01/2013 31/12/2012 0.155103 EUR BHX 02/04/2013 05/04/2013 28/03/2013 0.147113 USD BX 02/01/2013 07/01/2013 31/12/2012 0.161714 USD BX 02/04/2013 05/04/2013 28/03/2013 0.144777

Emerging Markets Debt Fund EUR AHX 02/01/2013 07/01/2013 31/12/2012 0.244065 EUR AHX 02/04/2013 05/04/2013 28/03/2013 0.267742 USD ARM 02/01/2013 07/01/2013 31/12/2012 0.115239 USD ARM 01/02/2013 06/02/2013 31/01/2013 0.120201 USD ARM 01/03/2013 06/03/2013 28/02/2013 0.113768 USD ARM 02/04/2013 05/04/2013 28/03/2013 0.126224 USD ARM 02/05/2013 07/05/2013 30/04/2013 0.135493 USD ARM 03/06/2013 06/06/2013 31/05/2013 0.126578 USD AX 02/01/2013 07/01/2013 31/12/2012 0.559962 USD AX 02/04/2013 05/04/2013 28/03/2013 0.570128 EUR BHX 02/01/2013 07/01/2013 31/12/2012 0.188550 EUR BHX 02/04/2013 05/04/2013 28/03/2013 0.204643 USD BX 02/01/2013 07/01/2013 31/12/2012 0.194815 USD BX 02/04/2013 05/04/2013 28/03/2013 0.202680 GBP ZHX 02/01/2013 07/01/2013 31/12/2012 0.326027 GBP ZHX 02/04/2013 05/04/2013 28/03/2013 0.337279


EUR AHX 02/01/2013 07/01/2013 31/12/2012 0.192632 EUR AHX 02/04/2013 05/04/2013 28/03/2013 0.348222 USD ARM 02/01/2013 07/01/2013 31/12/2012 0.108543 USD ARM 01/02/2013 06/02/2013 31/01/2013 0.231017 USD ARM 01/03/2013 06/03/2013 28/02/2013 0.105722 USD ARM 02/04/2013 05/04/2013 28/03/2013 0.106408 USD ARM 02/05/2013 07/05/2013 30/04/2013 0.128205 USD ARM 03/06/2013 06/06/2013 31/05/2013 0.114389 USD AX 02/01/2013 07/01/2013 31/12/2012 0.213025 USD AX 02/04/2013 05/04/2013 28/03/2013 0.351702 EUR BHX 02/01/2013 07/01/2013 31/12/2012 0.141397 EUR BHX 02/04/2013 05/04/2013 28/03/2013 0.294471 USD BX 02/01/2013 07/01/2013 31/12/2012 0.146743 USD BX 02/04/2013 05/04/2013 28/03/2013 0.291399 USD ZX 02/01/2013 07/01/2013 31/12/2012 0.258544 USD ZX 02/04/2013 05/04/2013 28/03/2013 0.397602


EUR AX 02/01/2013 07/01/2013 31/12/2012 0.179205 EUR AX 02/04/2013 05/04/2013 28/03/2013 0.173336

Euro Corporate Bond Fund EUR ADX 02/01/2013 07/01/2013 31/12/2012 0.188508 EUR ADX 02/04/2013 05/04/2013 28/03/2013 0.153384 EUR AX 02/01/2013 07/01/2013 31/12/2012 0.231788 EUR AX 02/04/2013 05/04/2013 28/03/2013 0.184433 EUR BDX 02/01/2013 07/01/2013 31/12/2012 0.134412 EUR BDX 02/04/2013 05/04/2013 28/03/2013 0.097814 EUR ZOX 02/04/2013 05/04/2013 28/03/2013 0.094387 EUR BX 02/01/2013 07/01/2013 31/12/2012 0.149126 EUR BX 02/04/2013 05/04/2013 28/03/2013 0.109422 EUR NX 02/01/2013 07/01/2013 31/12/2012 0.277431 EUR NX 02/04/2013 05/04/2013 28/03/2013 0.229663

Euro Strategic Bond Fund EUR ADX 02/01/2013 07/01/2013 31/12/2012 0.165998 EUR ADX 02/04/2013 05/04/2013 28/03/2013 0.139827 EUR AX 02/01/2013 07/01/2013 31/12/2012 0.188518 EUR AX 02/04/2013 05/04/2013 28/03/2013 0.162074 EUR BDX 02/01/2013 07/01/2013 31/12/2012 0.108246 EUR BDX 02/04/2013 05/04/2013 28/03/2013 0.087567 EUR BX 02/01/2013 07/01/2013 31/12/2012 0.119987 EUR BX 02/04/2013 05/04/2013 28/03/2013 0.098886


EUR ADX 02/01/2013 07/01/2013 31/12/2012 0.319176 EUR ADX 02/04/2013 05/04/2013 28/03/2013 0.311956 EUR AX 02/01/2013 07/01/2013 31/12/2012 0.398644 EUR AX 02/04/2013 05/04/2013 28/03/2013 0.388462 EUR BDX 02/01/2013 07/01/2013 31/12/2012 0.266393 EUR BDX 02/04/2013 05/04/2013 28/03/2013 0.258928 EUR ZX 02/04/2013 05/04/2013 28/03/2013 0.280521 EUR BX 02/01/2013 07/01/2013 31/12/2012 0.335071 EUR BX 02/04/2013 05/04/2013 28/03/2013 0.325290

Global Bond Fund EUR AHX 02/01/2013 07/01/2013 31/12/2012 0.156298 EUR AHX 02/04/2013 05/04/2013 28/03/2013 0.155067 USD AX 02/01/2013 07/01/2013 31/12/2012 0.221273 USD AX 02/04/2013 05/04/2013 28/03/2013 0.210502 EUR BHX 02/01/2013 07/01/2013 31/12/2012 0.099502 EUR BHX 02/04/2013 05/04/2013 28/03/2013 0.102387 USD BX 02/01/2013 07/01/2013 31/12/2012 0.104315 USD BX 02/04/2013 05/04/2013 28/03/2013 0.102814

Global Convertible Bond Fund EUR ZHX 02/01/2013 07/01/2013 31/12/2012 0.148242 EUR ZHX 02/04/2013 05/04/2013 28/03/2013 0.143098


Record Date

Dividend per Share

Bond Funds (continued)Global Credit Fund USD ZX 02/01/2013 07/01/2013 31/12/2012 0.087697

USD ZX 02/04/2013 05/04/2013 28/03/2013 0.212727 Global Fixed Income Opportunities Fund

EUR AHX 02/01/2013 07/01/2013 31/12/2012 0.239761 EUR AHX 02/04/2013 05/04/2013 28/03/2013 0.253806 USD AX 02/01/2013 07/01/2013 31/12/2012 0.246078 USD AX 02/04/2013 05/04/2013 28/03/2013 0.244715 EUR BHX 02/01/2013 07/01/2013 31/12/2012 0.170651 EUR BHX 02/04/2013 05/04/2013 28/03/2013 0.186819 USD BX 02/01/2013 07/01/2013 31/12/2012 0.178908 USD BX 02/04/2013 05/04/2013 28/03/2013 0.183691 EUR CHX 02/01/2013 07/01/2013 31/12/2012 0.039950 EUR CHX 02/04/2013 05/04/2013 28/03/2013 0.197792

Global High Yield Bond Fund EUR AHX 02/01/2013 07/01/2013 31/12/2012 0.399793 EUR AHX 02/04/2013 05/04/2013 28/03/2013 0.426557 USD AX 02/01/2013 07/01/2013 31/12/2012 0.413704 USD AX 02/04/2013 05/04/2013 28/03/2013 0.418826 EUR BHX 02/01/2013 07/01/2013 31/12/2012 0.328105 EUR BHX 02/04/2013 05/04/2013 28/03/2013 0.354048 USD BX 02/01/2013 07/01/2013 31/12/2012 0.340780 USD BX 02/04/2013 05/04/2013 28/03/2013 0.348289 USD ZX 02/01/2013 07/01/2013 31/12/2012 0.452912 USD ZX 02/04/2013 05/04/2013 28/03/2013 0.454891

Global Premier Credit Fund USD ZX 02/01/2013 07/01/2013 31/12/2012 0.031522 USD ZX 02/04/2013 05/04/2013 28/03/2013 0.157765

Global Mortgage Securities Fund USD ZX 02/04/2013 05/04/2013 28/03/2013 0.040730 USD AX 02/04/2013 05/04/2013 28/03/2013 0.001768 EUR AHR 02/01/2013 07/01/2013 31/12/2012 0.012347 EUR AHR 02/04/2013 05/04/2013 28/03/2013 0.097376 EUR BHR 02/01/2013 07/01/2013 31/12/2012 0.012347 EUR BHR 02/04/2013 05/04/2013 28/03/2013 0.097137 EUR AHX 02/04/2013 05/04/2013 28/03/2013 0.001107

For the AX, AHX, BX, BHX, CX, CHX, IX, IHX, NX, NHX, SX, ZX and ZHX Classes of Shares of the Liquidity Funds, the Company intends to declare dividends which will be equal to the net investment income attributable to such Classes and realised capital gains, reduced by realised losses, if any. In the case of the Liquidity Funds, such dividends, if any, will be declared on each Dealing Day and paid monthly on the first Dealing Day after month end.

6 TAXATION

Under current law and practice, the Company is not liable to any Luxembourg income tax, or any Luxembourg capital gains tax on the realised capital appreciation of the assets of the Company nor are dividends paid by the Company liable to any Luxembourg withholding tax. The Company is, however, liable to annual subscription tax in Luxembourg (“taxe d’abonnement”) calculated at the rate of 0.05% of the Net Asset Value of the funds (except the Liquidity Funds for which the rate is 0.01% for all share class and Nil for Z share class from 4th quarter 2010). Furthermore, the Company has sought the benefit of a reduced annual tax rate of 0.01% for Class Z, ZD, ZH, ZX, ZHX, ZOX, S, SX, N, NH, NX and NHX Shares. Subscription tax is not payable on the value of the assets of the Funds represented by investments in other Luxembourg undertaking for collective investment which are themselves subject to the subscription tax. This tax is payable quarterly on the basis of the net assets of the relevant Funds, calculated at the end of the quarter to which the tax relates. No stamp or other tax will be payable in Luxembourg in connection with the issue of Shares of the Company, except a once and for all tax of EUR 1,239.47 which was paid upon incorporation.



Dividends, interest and capital gains on securities held by the Company may be subject to non-recoverable withholding tax or capital gains tax in the country of origin.

7 RATES OF EXCHANGE

The rates of exchange used for translation into US dollars of Statement of assets and liabilities and Statement of operations and changes in net assets, including securities and foreign currency holdings, as of 30 June 2013 were:

Currency

AED 3.673 = $1.00AUD 1.092 = $1.00BDT 77.830 = $1.00BRL 2.226 = $1.00CAD 1.052 = $1.00CHF 0.944 = $1.00CLP 508.250 = $1.00CNH 6.136 = $1.00COP 1,933.400 = $1.00CZK 19.879 = $1.00DKK 5.725 = $1.00DOP 41.730 = $1.00EGP 7.021 = $1.00EUR 0.767 = $1.00EUR* 0.769 = $1.00EUR** 0.762 = $1.00GBP 0.657 = $1.00HKD 7.758 = $1.00HUF 226.840 = $1.00IDR 9,925.000 = $1.00ILS 3.628 = $1.00INR 59.533 = $1.00ITL 1,485.385 = $1.00JPY 99.075 = $1.00JPY** 95.460 = $1.00KES 85.900 = $1.00KRW 1,145.710 = $1.00KWD 0.285 = $1.00LKR 130.650 = $1.00MAD 8.539 = $1.00MXN 13.091 = $1.00MYR 3.160 = $1.00NGN 162.350 = $1.00NOK 6.077 = $1.00NZD 1.294 = $1.00OMR 0.385 = $1.00PEN 2.782 = $1.00PHP 43.150 = $1.00PKR 99.550 = $1.00PLN 3.335 = $1.00QAR 3.641 = $1.00RON 3.422 = $1.00RUB 32.912 = $1.00SEK 6.743 = $1.00SGD 1.269 = $1.00THB 31.160 = $1.00TRY 1.937 = $1.00TWD 29.981 = $1.00ZAR 10.014 = $1.00

* Rates of exchange used to translate Global Balanced Risk Control Fund of Funds into US dollars in the statement of assets and liabilities.

** Rates of exchange used to translate the Statement of operations and changes in net assets into US dollars.

8 SOFT COMMISSION ARRANGEMENTS

During the period the Company, its Investment Adviser or its Sub-Advisers did not enter into soft commission arrangements.

9 STATEMENTS OF PORTFOLIO CHANGES

A statement giving the changes in the portfolio of investments for the period ended 30 June 2013 is available to shareholders, free of charge, on request from the Company’s registered office, and also from the Paying Agents in countries where the company is registered to sell its Shares.

Please see list of Paying Agents on page 204.

10 OVERDRAFT FACILITY

The Company has access to a short-term credit extension facility with J.P. Morgan Bank Luxembourg S.A., primarily to facilitate the clearance of securities and foreign exchange transactions. Should such credit be extended, the Custodian shall be entitled to charge the Funds at rates to be agreed upon from time to time. In addition to any other remedies available, the Custodian shall be entitled to a right of set-off against the property of the Company to satisfy the repayment of, or reimbursement for accrued interest thereon and the Company has granted the Custodian a pledge, right of retention, lien charge and security interest in any and all property held by the Custodian for any amount owing to the Custodian from time to time under the credit extension facility.

11 REPURCHASE AGREEMENTS

Details of the total repurchase agreements outstanding and the related collateral at 30 June 2013 are as follows:

Fund Name AmountMarket Value

of Collateral received

US Dollar Liquidity Fund 44,900,000 USD 45,801,056 USDUS Dollar Liquidity Fund 165,000,000 USD 168,821,879 USDUS Dollar Liquidity Fund 100,000,000 USD 103,000,346 USDEuro Liquidity Fund 16,000,000 EUR 16,320,001 EUREuro Liquidity Fund 16,000,000 EUR 16,320,000 EUR

The collateral received in respect of the repurchase agreements consists of transferable securities.

12 LIABILITY OF THE COMPANY

The Directors shall maintain for each Fund a separate pool of assets. As between Shareholders, each pool of assets is invested for the exclusive benefit of the relevant Fund.

The assets of the Company have been segregated on a Fund by Fund basis with third party creditors only having recourse to the assets of the relevant Fund.

13 BROKER ACCOUNTS

All derivative instruments, as listed within the Statements of Investments, on pages 2 to 150, all time deposits and repurchase agreements included in the Statement of assets and liabilities on pages 151 to 164, are transacted through third party brokers.



In addition these brokers hold the collateral described in the above mentioned statements as applicable. The Funds are exposed to counter-party risk in respect of all amounts including collateral, due to them from such brokers.

Payments of income and settlement proceeds are at the risk of the Funds.

14 TRANSACTIONS COSTS

For the period ended 30 June 2013, the Fund incurred transactions costs namely, commission and taxes relating to purchases or sale of transferable securities as follows:

Fund Name Currency

Total Transaction

Costs BPS

Asian Equity Fund USD 542,124 0.50Asia-Pacific Equity Fund USD 201,503 0.35Asian Property Fund USD 729,582 0.26Emerging Europe, Middle East and Africa Equity Fund EUR 300,804 0.30Emerging Leaders Equity Fund USD 258,877 0.51Emerging Markets Equity Fund USD 2,170,308 0.30European Equity Alpha Fund EUR 446,285 0.14European Property Fund EUR 285,555 0.27Eurozone Equity Alpha Fund EUR 137,911 0.16Frontier Emerging Markets Equity Fund1 USD 28,151 1.06Global Advantage Fund2 USD 3,121 0.31Global Brands Fund USD 3,455,469 0.07Global Equity Allocation Fund USD 9,862 0.12Global Infrastructure Fund USD 204,340 0.15Global Opportunity Fund USD 64,138 0.22Global Property Fund USD 974,439 0.22Indian Equity Fund USD 191,547 0.31Japanese Equity Fund JPY 10,412,999 0.24Latin American Equity Fund USD 695,110 0.17US Advantage Fund USD 1,447,278 0.07US Growth Fund USD 431,728 0.09US Property Fund USD 122,623 0.04Emerging Markets Corporate Debt Fund USD - 0.00Emerging Markets Debt Fund USD 2,451 0.00Emerging Markets Domestic Debt Fund USD - 0.00Euro Bond Fund EUR 6,899 0.00Euro Corporate Bond (ex Financials) Fund EUR 1,608 0.00Euro Corporate Bond Fund EUR 52,190 0.01Euro Strategic Bond Fund EUR 14,549 0.01European Currencies High Yield Bond Fund EUR 2,190 0.00Global Bond Fund USD 22,656 0.01Global Convertible Bond Fund USD 11,297 0.00Global Credit Fund USD 499 0.00Global Fixed Income Opportunities Fund USD 3,706 0.00Global High Yield Bond Fund USD - 0.00Global Mortgage Securities Fund USD 9,346 0.01Global Premier Credit Fund USD 159 0.00Short Maturity Euro Bond Fund EUR 10,522 0.00Euro Liquidity Fund EUR - 0.00US Dollar Liquidity Fund USD - 0.00Diversified Alpha Plus Fund EUR 1,527,180 0.34Global Balanced Risk Control Fund of Funds EUR 11,687 0.01Absolute Return Currency Fund3 EUR 1,834 0.02

1 Fund commenced operations on 28 March 2013.2 Fund commenced operations on 31 January 2013.3 Fund closed on 8 March 2013.

15 CROSS INVESTMENT BETWEEN FUNDS

The Company is permitted to engage in cross investment between Funds within the umbrella structure. The following

information pertains to the cross-investment between Funds within the Company during the period:

As at 30 June 2013, Morgan Stanley Investment Funds - Global Balanced Risk Control Fund of Funds holds the following shares of other Funds of the Company:

Fund and Share Class Name Shares CostMarket

ValueUnrealised

Gain/(Loss)

Morgan Stanley Investment Funds - Short Maturity Euro Bond Fund ‘Z’ 2,534,256 75,274,782 75,318,082 43,300

Morgan Stanley Investment Funds - Euro Corporate Bond Fund ‘ZD’ 2,386,143 64,084,989 64,402,003 317,014

Morgan Stanley Investment Funds - Euro Bond Fund ‘Z’ 795,891 26,841,414 26,686,228 (155,186)

Morgan Stanley Investment Funds - Euro Strategic Bond Fund ‘ZD’ 513,248 13,154,545 13,169,943 15,398

Morgan Stanley Investment Funds - Global Fixed Income Opportunities Fund ‘Z’ 407,835 9,042,946 8,837,777 (205,169)

Morgan Stanley Investment Funds - US Growth Fund ‘Z’ 1,403,751 35,527,193 35,332,423 (194,770)

Morgan Stanley Investment Funds - US Advantage Fund ‘ZH’ 572,372 26,073,125 26,603,864 530,739

Morgan Stanley Investment Funds - Eurozone Equity Alpha Fund ‘Z’ 910,251 25,434,040 26,542,929 1,108,889

Morgan Stanley Investment Funds - European Equity Alpha Fund ‘Z’ 694,293 22,009,691 22,141,006 131,315

Morgan Stanley Investment Funds - Global Infrastructure Fund ‘Z’ 559,256 18,022,291 17,890,613 (131,678)

Morgan Stanley Investment Funds - Japanese Equity Fund ‘Z’ 611,976 14,343,864 15,893,012 1,549,148

Morgan Stanley Investment Funds - Global Brands Fund ‘Z’ 553,091 13,608,329 13,124,849 (483,480)

Morgan Stanley Investment Funds - Emerging Markets Equity Fund ‘Z’ 257,029 4,791,756 4,544,278 (247,478)

Morgan Stanley Investment Funds - Global Property Fund ‘Z’ 24,003 580,175 556,864 (23,311)

Morgan Stanley Investment Funds - Euro Liquidity Fund ‘Z’ 732,664 18,877,328 18,878,321 993

EUR 369,922,192

USD* 480,872,937

* The impact of the above cross-investment transactions has been eliminated from the combined totals column in the statement of assets and liabilities and the statement of operations and changes in net assets.

16 SWING PRICING

To the extent that the Directors consider that it is in the best interests of Shareholders, taking into account factors including the prevailing market conditions, the level of subscriptions and redemptions in a particular Fund and the size of the Fund, the Directors may decide to adjust the Net Asset Value of a Fund to reflect the estimated dealing spreads, costs and charges (“Swing Factor”) to be incurred by the Fund in liquidating or purchasing investments to satisfy the net transactions received in respect of a particular day.

Under normal market circumstances, the Swing Factor shall not exceed 1% of the Net Asset Value of the relevant Fund on the



relevant day. When net subscriptions in a Fund exceed a certain threshold on a given day, the Net Asset Value is adjusted upwards by the Swing Factor. Similarly, when net redemptions in a Fund exceed a certain threshold on a given day, the Net Asset Value of the Fund is adjusted downwards by the Swing Factor.

As at 30 June 2013, the net asset value of the European Currencies High Yield Bond Fund, of the Global High Yield Bond Fund and of the Global Mortgage Securities Fund was swung because of a large redemption exceeding the threshold.

The official Net Asset Value per Share as at period-end, disclosed in the Statement of share and net assets statistics therefore includes a Swing Pricing adjustment, which is not recognised in the Statement of assets and liabilities and the Statement of operations and changes in net assets.

17 SUBSEQUENT EVENTS

The following significant changes were made after period end:

Class launches


Global Infrastructure Fund ZX 2 July 2013Global Convertible Bond Fund ZX 2 July 2013

Fund launches

• On 1 August 2013, Morgan Stanley Investment FundsGlobal Quality Fund commenced operations.

18 INDEMNIFICATIONS

The Company has arrangements in place for the indemnification of the members of its Board of Directors, and of its service providers (the “Indemnified Parties”) in certain circumstances, which exclude the Indemnified Parties’ own negligence, wilful default, or fraud. The Company’s service providers include the Investment Advisers, the Sub-Investment Advisers, the Custodian, the Administrator and Paying Agent, the Distributor and the Registrar and Transfer Agent of the Company.


Directors and service providers

DIRECTORS

Michael Griffin Non-executive DirectorDublinIreland

William Jones Non-executive DirectorLuxembourg

Henry Kelly Non-executive DirectorLuxembourg

Andrew Mack Non-executive DirectorLondonUnited Kingdom

DIRIGEANTS

Bryan Greener Executive DirectorMorgan Stanley Investment Management Limited LondonUnited Kingdom

Laurence MagloireExecutive DirectorMorgan Stanley Investment Management Limited Luxembourg

DIRECTORS OF MORGAN STANLEY SICAV (MAURITIUS) LIMITED (THE “SUBSIDIARY”)

Deven Coopoosamy DirectorBusiness Development CIM Global Business Companies Republic of Mauritius

William Jones Non-executive DirectorLuxembourg

Andrew Mack Non-executive DirectorLondonUnited Kingdom

Laurence Magloire Non-executive DirectorMorgan Stanley Investment Management Limited Luxembourg

Abdool Azize Owasil Director Fund AdministrationCIM Global Business Companies Republic of Mauritius

INVESTMENT ADVISER

Morgan Stanley Investment Management Limited25 Cabot Square Canary Wharf London E14 4QAUnited Kingdom

Morgan Stanley & Co. International plc25 Cabot Square Canary Wharf London E14 4QAUnited Kingdom

INVESTMENT SUB-ADVISERS

Morgan Stanley Investment Management Inc.522 Fifth Avenue New York, NY 10036USA

Morgan Stanley Investment Management Company23 Church Street 16-01 Capital Square Singapore, 049481

REGISTERED OFFICE

6B, route de Trèves 2633 Senningerberg Luxembourg

DISTRIBUTOR

Morgan Stanley Investment Management Limited25 Cabot Square Canary Wharf London E14 4QAUnited Kingdom

CUSTODIAN BANK

J.P. Morgan Bank Luxembourg S.A.European Bank and Business Centre 6C, route de Trèves 2633 Senningerberg Luxembourg

ADMINISTRATOR AND PAYING AGENT

J.P. Morgan Bank Luxembourg S.A.European Bank and Business Centre 6C, route de Trèves 2633 Senningerberg Luxembourg

DOMICILIARY AGENT

Morgan Stanley Investment Management Limited, Luxembourg BranchEuropean Bank and Business Centre 6B, route de Trèves 2633 Senningerberg Luxembourg


Directors and service providers (continued)

ADMINISTRATOR OF THE SUBSIDIARY

CIM Fund Services Ltd. 33 Edith Cavell Street Port Louis Republic of Mauritius

REGISTRAR AND TRANSFER AGENT

RBC Investor Services Bank S.A.14 rue Porte de France 4360 Esch-sur-Alzette Luxembourg

INDEPENDENT AUDITOR

Ernst & Young S.A. 7 rue Gabriel Lippmann Parc d’Activité Syrdall 2 5365 Munsbach Luxembourg

AUDITOR OF THE SUBSIDIARY

Ernst & Young 9th Floor NexTeracom Tower ICybercity Ebene Republic of Mauritius

LEGAL ADVISER

Arendt & Medernach 14 rue Erasme 2082 LuxembourgLuxembourg


AUSTRIA

Meinl Bank Aktiengesellschaft Bauernmarkt 2 Postfach 99 1014 ViennaAustria

BELGIUM

RBC Investor Services Belgium S.A. 11, Place Rogier 1210 BrusselsBelgium

DENMARK

Nordea Bank Denmark A/S Strandgade 3 0900 Copenhagen CDenmark

FRANCE

Caceis 1/3 Place Valhubert 75013 ParisFrance

GERMANY

Morgan Stanley Bank AG Junghofstrasse 13-15 60311 Frankfurt am MainGermany

GREECE

Alpha Bank 40, Stadiou Street 102 52 AthensGreece

HONG KONG

Morgan Stanley Asia Limited 30th Floor Three Exchange Square Central Hong Kong

IRELAND

J.P. Morgan Administration Services (Ireland) LimitedJP Morgan House International Financial Services Centre Dublin 1Ireland

ITALY

RBC Investor Services Italia S.p.A.Via Vittor Pisani, 26 21124 MilanItaly

Banca Sella Holding S.p.A. Piazza Gaudenzio Sella, 113900 Biella Italy

Iccrea Banca S.p.A. Via Lucrezia Romana, 41-47 00178 RomeItaly

State Street Bank S.p.A. Via Ferrante Aporti, 10 20125 MilanItaly

Société Générale Securities Services S.p.A.MAC 2 Via Benigno Crespi, 19/A 20159 MilanItaly

Allianz Bank Financial Advisors S.p.A.Piazzale Lodi, 3 20137 MilanItaly

Monte dei Paschi di Siena S.p.A.Piazza Salimbeni, 3 53100 SienaItaly

BNP Paribas Securities Services Succursale di Milano Via Ansperto, 5 20123 MilanItaly

All Funds Bank S.A. Italian Branch Via Santa Margherita, 7 20121 MilanItaly

SPAIN

Every distributor registered in Spain act as paying agents forthe Company and a list of them are available at www.cnmv.com

SWITZERLAND

RBC Investor Services Bank S.A.Esch-sur-Alzette Zurich Branch Badenerstrasse 567 8048 ZurichSwitzerland

Morgan Stanley & Co International PLC LondonZurich Branch Bahnhofstrasse 92 8001 ZurichSwitzerland

UNITED KINGDOM

Morgan Stanley InvestmentManagement Limited25 Cabot Square London E14 4QAUnited Kingdom

Paying and information agentsCopies of the Financial Reports of the Company can be obtained from the following Paying and Information Agents.


Appendix 1: Fund expense ratios (unaudited)As at 30 June 2013

The following figures show the total expenses charged to each Class of each Fund open as at 30 June 2013, calculated net of any fee waivers and expressed as a percentage of average net assets. For further information in relation to the expenses charged to the Funds, please refer to pages 172 to 182. For details of changes to the Investment Advisory Fees during the period, please refer to note 4.

Fund Name Total Expense Ratio (%)

Asian Equity Fund A - USD 1.90Asian Equity Fund B - USD 2.90Asian Equity Fund C - USD 2.75Asian Equity Fund I - USD 1.16Asian Equity Fund Z - USD 1.13Asia-Pacific Equity Fund A - USD 2.05Asia-Pacific Equity Fund AH - EUR 2.15Asia-Pacific Equity Fund B - USD 3.05Asia-Pacific Equity Fund BH - EUR 3.15Asia-Pacific Equity Fund C - USD 2.85Asia-Pacific Equity Fund N - USD 0.36Asia-Pacific Equity Fund Z - USD 1.29Asian Property Fund A - USD 1.75Asian Property Fund AX - USD 1.79Asian Property Fund B - USD 2.74Asian Property Fund I - USD 0.99Asian Property Fund IX - USD 1.02Asian Property Fund Z - USD 0.98Emerging Europe, Middle East and Africa Equity Fund A - EUR 2.06Emerging Europe, Middle East and Africa Equity Fund AX - EUR 2.09Emerging Europe, Middle East and Africa Equity Fund B - EUR 3.02Emerging Europe, Middle East and Africa Equity Fund C - EUR 2.95Emerging Europe, Middle East and Africa Equity Fund I - EUR 1.51Emerging Europe, Middle East and Africa Equity Fund Z - EUR 1.46Emerging Leaders Equity Fund A - USD 2.55Emerging Leaders Equity Fund AH - EUR 2.65Emerging Leaders Equity Fund AX - USD1 2.54Emerging Leaders Equity Fund B - USD 3.55Emerging Leaders Equity Fund BH - EUR 3.65Emerging Leaders Equity Fund C - USD 3.35Emerging Leaders Equity Fund CH - EUR 3.45Emerging Leaders Equity Fund I - USD 1.58Emerging Leaders Equity Fund Z - USD 1.54Emerging Leaders Equity Fund ZH - EUR1 1.64Emerging Markets Equity Fund A - USD 1.96Emerging Markets Equity Fund B - USD 2.95Emerging Markets Equity Fund C - USD 2.98Emerging Markets Equity Fund I - USD 1.36Emerging Markets Equity Fund N - USD 0.14Emerging Markets Equity Fund Z - USD 1.32European Equity Alpha Fund A - EUR 1.49European Equity Alpha Fund AH - USD1 1.80European Equity Alpha Fund B - EUR 2.49European Equity Alpha Fund C - EUR 2.40European Equity Alpha Fund I - EUR 0.92European Equity Alpha Fund Z - EUR 0.87European Equity Alpha Fund ZH - GBP 0.93European Property Fund A - EUR 1.75European Property Fund B - EUR 2.78European Property Fund I - EUR 1.02European Property Fund IX - EUR 1.23European Property Fund Z - EUR 0.97Eurozone Equity Alpha Fund A - EUR 1.79Eurozone Equity Alpha Fund AH - USD1 2.00Eurozone Equity Alpha Fund B - EUR 2.80Eurozone Equity Alpha Fund I - EUR 1.10Eurozone Equity Alpha Fund Z - EUR 1.00Frontier Emerging Markets Equity Fund A - USD1 2.95Frontier Emerging Markets Equity Fund B - USD1 3.95Frontier Emerging Markets Equity Fund C - USD1 3.55Frontier Emerging Markets Equity Fund I - USD1 1.68Frontier Emerging Markets Equity Fund Z - USD1 1.64Frontier Emerging Markets Equity Fund AH - EUR1 3.05Frontier Emerging Markets Equity Fund BH - EUR1 4.05Frontier Emerging Markets Equity Fund CH - EUR1 3.65Global Advantage Fund A - USD1 2.10Global Advantage Fund B - USD1 3.10Global Advantage Fund C - USD1 2.90Global Advantage Fund I - USD1 1.33Global Advantage Fund Z - USD1 1.29Global Brands Fund A - USD 1.66Global Brands Fund AH - EUR 1.71Global Brands Fund AH - CHF 1.73Global Brands Fund AHX - EUR 1.71Global Brands Fund AX - USD 1.66Global Brands Fund B - USD 2.66


Global Brands Fund BH - EUR 2.71Global Brands Fund BHX - EUR 2.73Global Brands Fund BX - USD 2.68Global Brands Fund C - USD 2.46Global Brands Fund CH - EUR 2.56Global Brands Fund I - USD 0.93Global Brands Fund Z - USD 0.89Global Brands Fund ZH - EUR 0.94Global Brands Fund ZH - GBP 0.94Global Brands Fund ZX - USD 0.91Global Equity Allocation Fund A - USD 2.00Global Equity Allocation Fund B - USD 3.00Global Equity Allocation Fund Z - USD 0.94Global Infrastructure Fund A - USD 1.89Global Infrastructure Fund AH - EUR 1.98Global Infrastructure Fund B - USD 2.90Global Infrastructure Fund BH - EUR 2.94Global Infrastructure Fund C - USD 2.80Global Infrastructure Fund CH - EUR 2.90Global Infrastructure Fund I - USD 1.28Global Infrastructure Fund Z - USD 1.11Global Infrastructure Fund ZH - EUR 1.18Global Opportunity Fund A - USD 2.09Global Opportunity Fund AH - EUR 2.20Global Opportunity Fund B - USD 3.09Global Opportunity Fund BH - EUR 3.19Global Opportunity Fund C - USD 2.89Global Opportunity Fund I - USD 1.32Global Opportunity Fund Z - USD 1.28Global Property Fund A - USD 1.81Global Property Fund AH - EUR 2.05Global Property Fund B - USD 2.83Global Property Fund BH - EUR 2.97Global Property Fund C - USD 2.66Global Property Fund CH - EUR 2.90Global Property Fund I - USD 1.07Global Property Fund IX - USD 1.16Global Property Fund Z - USD 1.03Indian Equity Fund A - USD 1.95Indian Equity Fund B - USD 2.95Indian Equity Fund C - USD 3.05Indian Equity Fund I - USD 1.18Indian Equity Fund N - USD1 0.16Indian Equity Fund Z - USD 1.14Japanese Equity Fund A - JPY 1.90Japanese Equity Fund B - JPY 2.90Japanese Equity Fund C - JPY 2.70Japanese Equity Fund I - JPY 1.18Japanese Equity Fund Z - JPY 1.14Japanese Equity Fund ZH - EUR 1.24Latin American Equity Fund A - USD 1.94Latin American Equity Fund B - USD 2.96Latin American Equity Fund C - USD 2.78Latin American Equity Fund I - USD 1.27Latin American Equity Fund Z - USD 1.23US Advantage Fund A - USD 1.67US Advantage Fund AH - EUR 1.71US Advantage Fund B - USD 2.67US Advantage Fund BH - EUR 2.73US Advantage Fund C - USD 2.46US Advantage Fund I - USD 0.89US Advantage Fund Z - USD 0.85US Advantage Fund ZH - EUR 0.90US Growth Fund A - USD 1.70US Growth Fund AH - EUR 1.77US Growth Fund AX - USD 1.69US Growth Fund B - USD 2.70US Growth Fund BH - EUR 2.79US Growth Fund C - USD 2.53US Growth Fund CH - EUR 2.80US Growth Fund I - USD 0.92US Growth Fund IX - USD 0.91US Growth Fund Z - USD 0.88US Growth Fund ZH - EUR 0.91US Property Fund A - USD 1.69US Property Fund B - USD 2.72


Appendix 1: Fund expense ratios (unaudited) (continued)As at 30 June 2013


US Property Fund I - USD 0.98US Property Fund Z - USD 0.93Emerging Markets Corporate Debt Fund A - USD 1.79Emerging Markets Corporate Debt Fund AH - EUR 1.85Emerging Markets Corporate Debt Fund AHX - EUR 1.93Emerging Markets Corporate Debt Fund AX - USD 1.85Emerging Markets Corporate Debt Fund B - USD 2.83Emerging Markets Corporate Debt Fund BH - EUR 2.87Emerging Markets Corporate Debt Fund BHX - EUR 2.86Emerging Markets Corporate Debt Fund BX - USD 2.83Emerging Markets Corporate Debt Fund C - USD 2.65Emerging Markets Corporate Debt Fund CH - EUR 2.75Emerging Markets Corporate Debt Fund I - USD1 1.38Emerging Markets Corporate Debt Fund Z - USD 1.18Emerging Markets Debt Fund A - USD 1.73Emerging Markets Debt Fund AH - EUR 1.77Emerging Markets Debt Fund AHX - EUR 1.92Emerging Markets Debt Fund ARM - USD 1.70Emerging Markets Debt Fund AX - USD 1.80Emerging Markets Debt Fund B - USD 2.71Emerging Markets Debt Fund BH - EUR 2.76Emerging Markets Debt Fund BHX - EUR 2.79Emerging Markets Debt Fund BX - USD 2.73Emerging Markets Debt Fund C - USD 2.53Emerging Markets Debt Fund CH - EUR 2.70Emerging Markets Debt Fund I - USD 1.13Emerging Markets Debt Fund NH - EUR 0.18Emerging Markets Debt Fund Z - USD 1.10Emerging Markets Debt Fund ZH - EUR 1.19Emerging Markets Debt Fund ZHX - GBP 1.21Emerging Markets Domestic Debt Fund A - USD 1.72Emerging Markets Domestic Debt Fund AH - EUR 1.82Emerging Markets Domestic Debt Fund AHX - EUR 1.92Emerging Markets Domestic Debt Fund ARM - USD 1.81Emerging Markets Domestic Debt Fund AX - USD 1.72Emerging Markets Domestic Debt Fund B - USD 2.72Emerging Markets Domestic Debt Fund BH - EUR 2.78Emerging Markets Domestic Debt Fund BHX - EUR 2.81Emerging Markets Domestic Debt Fund BX - USD 2.73Emerging Markets Domestic Debt Fund C - USD 2.43Emerging Markets Domestic Debt Fund CH - EUR 2.68Emerging Markets Domestic Debt Fund I - USD 1.15Emerging Markets Domestic Debt Fund Z - USD 1.11Emerging Markets Domestic Debt Fund ZH - EUR 1.15Emerging Markets Domestic Debt Fund ZX - USD 1.11Euro Bond Fund A - EUR 1.08Euro Bond Fund B - EUR 2.08Euro Bond Fund C - EUR 1.81Euro Bond Fund I - EUR 0.68Euro Bond Fund Z - EUR 0.61Euro Corporate Bond (ex Financials) Fund A - EUR 1.19Euro Corporate Bond (ex Financials) Fund AX - EUR 1.25Euro Corporate Bond (ex Financials) Fund N - EUR 0.19Euro Corporate Bond (ex Financials) Fund Z - EUR 0.72Euro Corporate Bond Fund A - EUR 1.08Euro Corporate Bond Fund AD - EUR 1.08Euro Corporate Bond Fund ADX - EUR 1.15Euro Corporate Bond Fund AX - EUR 1.07Euro Corporate Bond Fund B - EUR 2.07Euro Corporate Bond Fund BD - EUR 2.07Euro Corporate Bond Fund BDX - EUR 2.08Euro Corporate Bond Fund BH - USD1 2.08Euro Corporate Bond Fund BX - EUR 2.07Euro Corporate Bond Fund C - EUR 1.85Euro Corporate Bond Fund CD - EUR 1.85Euro Corporate Bond Fund I - EUR 0.64Euro Corporate Bond Fund ID - EUR1 0.65Euro Corporate Bond Fund NX - EUR 0.18Euro Corporate Bond Fund S - EUR 0.52Euro Corporate Bond Fund Z - EUR 0.61Euro Corporate Bond Fund ZD - EUR 0.61Euro Corporate Bond Fund ZOX - EUR1 0.61Euro Strategic Bond Fund A - EUR 1.11Euro Strategic Bond Fund AD - EUR 1.13Euro Strategic Bond Fund ADX - EUR 1.19Euro Strategic Bond Fund AX - EUR 1.10Euro Strategic Bond Fund B - EUR 2.11Euro Strategic Bond Fund BD - EUR 2.11Euro Strategic Bond Fund BDX - EUR 2.12Euro Strategic Bond Fund BX - EUR 2.11Euro Strategic Bond Fund C - EUR 1.85Euro Strategic Bond Fund CD - EUR 1.85


Euro Strategic Bond Fund I - EUR 0.70Euro Strategic Bond Fund Z - EUR 0.67Euro Strategic Bond Fund ZD - EUR 0.66European Currencies High Yield Bond Fund A - EUR 1.15European Currencies High Yield Bond Fund AD - EUR 1.25European Currencies High Yield Bond Fund ADX - EUR 1.21European Currencies High Yield Bond Fund AX - EUR 1.25European Currencies High Yield Bond Fund B - EUR 2.14European Currencies High Yield Bond Fund BD - EUR 2.25European Currencies High Yield Bond Fund BDX - EUR 2.16European Currencies High Yield Bond Fund BX - EUR 2.15European Currencies High Yield Bond Fund C - EUR 1.83European Currencies High Yield Bond Fund CD - EUR 1.90European Currencies High Yield Bond Fund I - EUR 0.71European Currencies High Yield Bond Fund Z - EUR 0.67European Currencies High Yield Bond Fund ZX - EUR1 0.67Global Bond Fund A - USD 1.14Global Bond Fund AH - EUR 1.27Global Bond Fund AHX - EUR 1.35Global Bond Fund AX - USD 1.24Global Bond Fund B - USD 2.12Global Bond Fund BH - EUR 2.19Global Bond Fund BHX - EUR 2.22Global Bond Fund BX - USD 2.15Global Bond Fund C - USD 1.90Global Bond Fund CH - EUR 2.00Global Bond Fund I - USD 0.70Global Bond Fund Z - USD 0.66Global Convertible Bond Fund A - USD 1.28Global Convertible Bond Fund AH - CHF 1.55Global Convertible Bond Fund AH - EUR 1.32Global Convertible Bond Fund B - USD 2.28Global Convertible Bond Fund BH - EUR 2.33Global Convertible Bond Fund CH - EUR 2.15Global Convertible Bond Fund I - USD 0.80Global Convertible Bond Fund IH - EUR 0.85Global Convertible Bond Fund Z - USD 0.76Global Convertible Bond Fund ZH - CHF 1.04Global Convertible Bond Fund ZH - EUR 0.81Global Convertible Bond Fund ZHX - EUR 0.80Global Credit Fund A - USD 1.24Global Credit Fund B - USD 2.24Global Credit Fund C - USD 1.89Global Credit Fund I - USD 0.83Global Credit Fund Z - USD 0.79Global Credit Fund ZX - USD 0.84Global Fixed Income Opportunities Fund A - USD 1.45Global Fixed Income Opportunities Fund AH - EUR 1.55Global Fixed Income Opportunities Fund AHX - EUR 1.55Global Fixed Income Opportunities Fund AX - USD 1.50Global Fixed Income Opportunities Fund B - USD 2.45Global Fixed Income Opportunities Fund BH - EUR 2.55Global Fixed Income Opportunities Fund BHX - EUR 2.55Global Fixed Income Opportunities Fund BX - USD 2.50Global Fixed Income Opportunities Fund C - USD 1.90Global Fixed Income Opportunities Fund CH - EUR 2.00Global Fixed Income Opportunities Fund CHX - EUR 2.00Global Fixed Income Opportunities Fund Z - USD 0.79Global Fixed Income Opportunities Fund ZH - EUR1 0.89Global High Yield Bond Fund A - USD 1.45Global High Yield Bond Fund AH - EUR 1.55Global High Yield Bond Fund AHX - EUR 1.55Global High Yield Bond Fund AX - USD 1.50Global High Yield Bond Fund B - USD 2.45Global High Yield Bond Fund BH - EUR 2.55Global High Yield Bond Fund BHX - EUR 2.55Global High Yield Bond Fund BX - USD 2.50Global High Yield Bond Fund C - USD 2.05Global High Yield Bond Fund CH - EUR 2.15Global High Yield Bond Fund Z - USD 0.94Global High Yield Bond Fund ZX - USD 0.99Global Mortgage Securities Fund A - USD 1.45Global Mortgage Securities Fund AH - EUR 1.55Global Mortgage Securities Fund AHR - EUR 1.55Global Mortgage Securities Fund AHX - EUR 1.55Global Mortgage Securities Fund AX - USD1 1.50Global Mortgage Securities Fund B - USD 2.45Global Mortgage Securities Fund BH - EUR 2.55Global Mortgage Securities Fund BHR - EUR 2.55Global Mortgage Securities Fund BHX - EUR 2.55Global Mortgage Securities Fund C - USD 2.05Global Mortgage Securities Fund CH - EUR 2.15


Appendix 1: Fund expense ratios (unaudited) (continued)As at 30 June 2013

1 Annualised Total Expense Ratio from date of launch to 30 June 2013. See note 1 for further details regarding the launch date of the Share Class. * Synthetic TER.


Global Mortgage Securities Fund CHX - EUR 2.15Global Mortgage Securities Fund CX - USD1 2.10Global Mortgage Securities Fund I - USD 0.79Global Mortgage Securities Fund IH - EUR1 0.80Global Mortgage Securities Fund IHX - EUR1 0.80Global Mortgage Securities Fund Z - USD 0.84Global Mortgage Securities Fund ZH - EUR1 0.79Global Mortgage Securities Fund ZX - USD 0.89Global Premier Credit Fund A - USD 1.25Global Premier Credit Fund AH - EUR 1.35Global Premier Credit Fund B - USD 2.25Global Premier Credit Fund BH - EUR 2.35Global Premier Credit Fund C - USD 1.90Global Premier Credit Fund CH - EUR 2.00Global Premier Credit Fund I - USD 0.83Global Premier Credit Fund Z - USD 0.79Global Premier Credit Fund ZX - USD 0.84Short Maturity Euro Bond Fund A - EUR 1.09Short Maturity Euro Bond Fund B - EUR 2.08Short Maturity Euro Bond Fund C - EUR 1.85Short Maturity Euro Bond Fund I - EUR 0.66Short Maturity Euro Bond Fund Z - EUR 0.63Euro Liquidity Fund A - EUR 0.03Euro Liquidity Fund B - EUR 0.03


Euro Liquidity Fund C - EUR 0.03Euro Liquidity Fund I - EUR 0.03Euro Liquidity Fund Z - EUR 0.03US Dollar Liquidity Fund A - USD 0.22US Dollar Liquidity Fund AX - USD 0.22US Dollar Liquidity Fund B - USD 0.22US Dollar Liquidity Fund BX - USD 0.23US Dollar Liquidity Fund I - USD 0.22US Dollar Liquidity Fund Z - USD 0.23Diversified Alpha Plus Fund A - EUR 2.03Diversified Alpha Plus Fund AH - USD 2.07Diversified Alpha Plus Fund B - EUR 3.02Diversified Alpha Plus Fund BH - USD 3.17Diversified Alpha Plus Fund C - EUR 2.77Diversified Alpha Plus Fund I - EUR 1.02Diversified Alpha Plus Fund Z - EUR 0.97Diversified Alpha Plus Fund ZH - GBP 1.01Diversified Alpha Plus Fund ZH - USD 1.04Global Balanced Risk Control Fund of Funds A - EUR 2.39*Global Balanced Risk Control Fund of Funds B - EUR 3.36*Global Balanced Risk Control Fund of Funds C - EUR 3.10*Global Balanced Risk Control Fund of Funds Z - EUR 1.10*


Appendix 2: Portfolio turnover rate (unaudited)As at 30 June 2013

Equity FundsAsian Equity Fund 174.65 Asia-Pacific Equity Fund 181.46 Asian Property Fund 62.23 Emerging Europe, Middle East and Africa Equity Fund 120.17 Emerging Leaders Equity Fund 300.78 Emerging Markets Equity Fund 120.77 European Equity Alpha Fund (17.16)European Property Fund (56.79)Eurozone Equity Alpha Fund 44.53 Frontier Emerging Markets Equity Fund (1) 6.34 Global Advantage Fund (2) 54.08 Global Brands Fund 26.50 Global Equity Allocation Fund 80.74 Global Infrastructure Fund 52.09 Global Opportunity Fund 137.75 Global Property Fund 37.56 Indian Equity Fund 1.86 Japanese Equity Fund (108.51)Latin American Equity Fund 64.29 US Advantage Fund 40.86 US Growth Fund 51.70 US Property Fund (0.78)

Bond Funds Emerging Markets Corporate Debt Fund 438.92 Emerging Markets Debt Fund 80.73 Emerging Markets Domestic Debt Fund 102.57

Bond Funds (continued)Euro Bond Fund (3.02)Euro Corporate Bond (ex Financials) Fund 67.78 Euro Corporate Bond Fund (32.83)Euro Strategic Bond Fund 15.76 European Currencies High Yield Bond Fund (68.14)Global Bond Fund 264.17 Global Convertible Bond Fund 185.05 Global Credit Fund 64.98 Global Fixed Income Opportunities Fund 58.08 Global High Yield Bond Fund 174.04 Global Mortgage Securities Fund 554.55 Global Premier Credit Fund 49.49 Short Maturity Euro Bond Fund (31.92)

Liquidity Funds Euro Liquidity Fund (420.90)US Dollar Liquidity Fund (261.58)

Asset Allocation Funds Diversified Alpha Plus Fund 204.38 Global Balanced Risk Control Fund of Funds 3.64

Fund Name Portfolio turnover rate (%) Fund Name Portfolio turnover rate (%)

(1) Fund commenced operations on 28 March 2013.(2) Fund commenced operations on 31 January 2013.

The portfolio turnover data has been computed as follows:

Total of Securities transactions (purchases and sales)*– Total transactions of funds units (subscriptions and redemptions) x 100Average net assets

* Purchases and sales exclude securities having maturity dates at acquisition of one year or less.


Appendix 3: Sub-AdvisersAs at 30 June 2013

List of Sub-Advisers (to be read in conjunction with the prospectus dated December 2012). Morgan Stanley Investment Management Limited acts as Investment Adviser to the Funds, with the exception of the Liquidity Funds, where the Investment Adviser is Morgan Stanley & Co. International plc. Where the Investment Adviser has delegated any of its responsibilities, the Funds are advised by the following Sub-Advisers.

Equity FundsMorgan Stanley Investment Funds Asian Equity Fund Morgan Stanley Investment Management CompanyMorgan Stanley Investment Funds Asia-Pacific Equity Fund Morgan Stanley Investment Management CompanyMorgan Stanley Investment Funds Asian Property Fund Morgan Stanley Investment Management Company & Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Emerging Europe, Middle East and Africa Equity Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Emerging Leaders Equity Fund Morgan Stanley Investment Management Company & Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Emerging Markets Equity Fund Morgan Stanley Investment Management Company & Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds European Equity Alpha Fund NoneMorgan Stanley Investment Funds European Property Fund NoneMorgan Stanley Investment Funds Eurozone Equity Alpha Fund NoneMorgan Stanley Investment Funds Frontier Emerging Markets Equity Fund (1) Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Global Advantage Fund (2) Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Global Brands Fund Morgan Stanley Investment Management Company Morgan Stanley Investment Funds Global Equity Allocation Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Global Infrastructure Fund Morgan Stanley Investment Management Inc. & Morgan Stanley Investment Management CompanyMorgan Stanley Investment Funds Global Opportunity Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Global Property Fund Morgan Stanley Investment Management Company & Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Indian Equity Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Japanese Equity Fund Morgan Stanley Investment Management Company Morgan Stanley Investment Funds Latin American Equity Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds US Advantage Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds US Growth Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds US Property Fund Morgan Stanley Investment Management Inc.

Bond FundsMorgan Stanley Investment Funds Emerging Markets Corporate Debt Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Emerging Markets Debt Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Euro Bond Fund NoneMorgan Stanley Investment Funds Euro Corporate Bond (ex Financials) Fund NoneMorgan Stanley Investment Funds Euro Corporate Bond Fund NoneMorgan Stanley Investment Funds Euro Strategic Bond Fund NoneMorgan Stanley Investment Funds European Currencies High Yield Bond Fund NoneMorgan Stanley Investment Funds Global Bond Fund Morgan Stanley Investment Management Inc. Morgan Stanley Investment Funds Global Convertible Bond Fund Morgan Stanley Investment Management Inc. Morgan Stanley Investment Funds Global Credit Fund Morgan Stanley Investment Management Inc. Morgan Stanley Investment Funds Global Fixed Income Opportunities Fund Morgan Stanley Investment Management Inc. Morgan Stanley Investment Funds Global High Yield Bond Fund Morgan Stanley Investment Management Inc. Morgan Stanley Investment Funds Global Mortgage Securities Fund Morgan Stanley Investment Management Inc. Morgan Stanley Investment Funds Global Premier Credit Fund Morgan Stanley Investment Management Inc. Morgan Stanley Investment Funds Short Maturity Euro Bond Fund None

Liquidity FundsMorgan Stanley Investment Funds Euro Liquidity Fund NoneMorgan Stanley Investment Funds US Dollar Liquidity Fund None

Asset Allocation FundsMorgan Stanley Investment Funds Diversified Alpha Plus Fund Morgan Stanley Investment Management Inc.Morgan Stanley Investment Funds Global Balanced Risk Control Fund of Funds None

Alternative Investment FundsMorgan Stanley Investment Funds Absolute Return Currency Fund (3) Morgan Stanley Investment Management Inc.

Fund Name Sub-Adviser

(1) Fund commenced operations on 28 March 2013.(2) Fund commenced operations on 31 January 2013.(3) Fund closed on 8 March 2013.


Appendix 4: Hedged Share Classes As at 30 June 2013

The Directors may decide from time to time for some or all of the Funds to issue Currency Hedged Share Classes and for some other or all of the Bond Funds to issue Duration Hedged Share Classes. Currency Hedged Share Classes can be issued in relation to any type of available Share Class and is indicated by an “H” after the Share Class indicator, as follows: AH, AHX, BH, BHX, CH, CHX, IH, IHX, NH, NHX, ZH and/or ZHX. The hedging of Duration Hedged Share Classes is distinct from any hedging strategies that the Investment Adviser may implement at the Fund level. The Duration Hedged Share Class is indicated by a “D” after the Share Class indicator, as follows: AD, ADX, BD, BDX, CD and ZD.

Currency Hedged Share Classes seek to reduce the currency exposure of the Shareholder to currencies other than the currency in which the Currency Hedged Share Class is denominated (the “Hedged Share Class Currency”). The hedging process will vary depending on the type of fund for which the Currency Hedged Share Class is issued and the hedging strategy adopted for all the Currency Hedged Share Classes in that particular Fund, as defined by the prospectus. Duration Hedged Share Classes utilise hedging strategies to seek to limit a share class’ exposure to interest rate movements. The hedging strategies adopted at the period end are as follows:

Fund Name Hedged Share Class(es) Hedging Strategy

Asia-Pacific Equity Fund AH (EUR), BH (EUR) NAV Currency Hedged Share ClassesEmerging Leaders Equity Fund AH (EUR), BH (EUR), CH (EUR), ZH (EUR) NAV Currency Hedged Share ClassesEuropean Equity Alpha Fund AH (USD), ZH (GBP) NAV Currency Hedged Share ClassesEurozone Equity Alpha Fund AH (USD) NAV Currency Hedged Share ClassesFrontier Emerging Markets Equity Fund (1) AH (EUR), BH (EUR), CH (EUR) NAV Currency Hedged Share ClassesGlobal Brands Fund AH (EUR), AH (CHF), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR), ZH (EUR), ZH (GBP) NAV Currency Hedged Share ClassesGlobal Infrastructure Fund AH (EUR), BH (EUR), CH ( EUR), ZH (EUR) NAV Currency Hedged Share ClassesGlobal Opportunity Fund AH (EUR), BH (EUR) NAV Currency Hedged Share ClassesGlobal Property Fund AH (EUR), BH (EUR), CH (EUR) NAV Currency Hedged Share ClassesJapanese Equity Fund ZH (EUR) NAV Currency Hedged Share ClassesUS Advantage Fund AH (EUR), BH (EUR), ZH (EUR) NAV Currency Hedged Share ClassesUS Growth Fund AH (EUR), BH (EUR), CH (EUR), ZH (EUR) NAV Currency Hedged Share ClassesEmerging Markets Corporate Debt Fund AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR) NAV Currency Hedged Share ClassesEmerging Markets Debt Fund AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR), NH (EUR), ZH (EUR), ZHX (GBP) NAV Currency Hedged Share ClassesEmerging Markets Domestic Debt Fund AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR), ZH (EUR) NAV Currency Hedged Share ClassesEuro Corporate Bond Fund BH (USD) NAV Currency Hedged Share ClassesEuro Corporate Bond Fund AD, ADX, BD, BDX, CD, ID, ZD, ZOX Duration Hedged Share ClassesEuro Strategic Bond Fund AD, ADX, BD, BDX, CD, ZD Duration Hedged Share ClassesEuropean Currencies High Yield Bond Fund AD, ADX, BD, BDX, CD Duration Hedged Share ClassesGlobal Bond Fund AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR) NAV Currency Hedged Share ClassesGlobal Convertible Bond Fund AH (CHF), AH (EUR), BH (EUR), CH (EUR), IH (EUR), ZH (CHF), ZH (EUR), ZHX (EUR) NAV Currency Hedged Share ClassesGlobal Fixed Income Opportunities Fund AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR), CHX (EUR), ZH (EUR) NAV Currency Hedged Share ClassesGlobal High Yield Bond Fund AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR) NAV Currency Hedged Share ClassesGlobal Mortgage Securities Fund AH (EUR), AHR (EUR), AHX (EUR), BH (EUR), BHR (EUR), BHX (EUR), CH (EUR), CHX (EUR), IH (EUR), IHX (EUR), ZH (EUR) NAV Currency Hedged Share ClassesGlobal Premier Credit Fund AH (EUR), BH (EUR), CH (EUR) NAV Currency Hedged Share ClassesDiversified Alpha Plus Fund AH (USD), BH (USD), ZH (GBP), ZH (USD) NAV Currency Hedged Share ClassesAbsolute Return Currency Fund (2) AH (SEK), AH (USD), IH (USD) NAV Currency Hedged Share Classes

(1) Fund commenced operations on 28 March 2013.(2) Fund closed on 8 March 2013.

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13UCITS DO NOT HAVE A GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS

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